Question

In your opinion what would be considered to be the most essential or desirable quality of accounting information, and explain why. Determine your greatest and best principle or practice

Answer 1

In my opinion, the most essential or desirable quality of accounting information is understandibility. The users of accounting information are many both inside and outside the organization. All of these users do not have detailed knowledge of accounting and are not experts. Accounting information is useful only when it is easily understandable to intended users. Thus, it should be maintained in a lucid format and the focus should be on simplifying complex numbers.

My best practice is to make accounting information as free from bias as possible. In my work, there are opportunities to exercise judgement and make estimates. Estimates are subject to bias. However, I try my best not to let any sort of preconceived notions drive me into making decisions. I try to present relevant informationn which is free from error.