Question

Briefly explain the Qualitative characterdays of Accounting Information?​

Answer 1

Answer:

Qualitative characteristics of accounting information that impact how useful the information is:

1. Verifiability.

2. Timeliness.

3. Understandability.

4. Comparability.

Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four principal qualitative characteristics are understandability, relevance, reliability, and comparability.

Relevance and faithful representation are the two primary qualities of useful accounting information.

Characteristics of Accounting Information

1. Relevance.

2. Reliability.

3. Comparability.

4. Understandability.

5. Timeliness.

Answer 2

Explanation:

qualitative characteristics of accounting information that must be present for information to be useful in making decisions :

Relevance.

Representational faithfulness