about accounts!!

cb la tmw is account test d la..im just posting what i read..hehe:)
wait wait..i saw meili online..i asked her whether can fetch me anot first.
DONE!!:p
alot to study right..reliability la..relevance la..income statement la..balance sheet some more..fuck la!
relevance(financial info is relevant if has capacity to influence users to understand the past perfomance and influence economic decision that RELATED to allocation of scarce resources)u think econs meh..diuu..
(TO HAVE predictive and COMFIRMatory,timeliness)
reliable it should be neutral-the entity should not present the favourable light to influnce users.and it can be achieved by ensuring that transactions are accounted following their substances and economic reality and not according the legality, should be free from material error, should be complete AND should be verifiable (should be supported by relevant doc)
CONFLICTS!?
some info can be relevant but it cannot be measured reliably.like guys can get girl A but cannot get girl B at the same time..cause it is not good!!quantitative and qualitative?you should know that the both words mean right?in financial statement contain quantity only.(quantitative)qualitative cannot be use cause cannot verified.better info can be provided if more $$$ and more time to prepare the financial statement.the financial report
result in greater reliability but relevance is lost as the info not timelyyy!!
the balance must be struck in between 1.)must be quick to produce financial statement to be relevant, 2.)time is needed to increase the quality of info become more reliable.
cost of providing the info and the speed which the info is provided is more accurate.
posted by juniee from the stupid lecture notes.