Answer
Comparability, consistency, verifiability, and timeliness
Work Step by Step
The concept of comparability calls for quality information that allows/enables users to troubleshoot for differences or similarities between the two sets of information. The consistency concept holds that once an entity adopts an accounting principle, it will continue using the principle in future reports and statements. Information or sets of financial information are verifiable when given the data and assumptions used, another professional accountant will derive the same results. The timeliness concept supports provision of information before it loses its usefulness in decision making.
