Q.12. Explain the qualitative characteristics of accounting
information.
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Relevance: information makes a difference in decision making. Reliability: information is verifiable, factual, and neutral. Comparability: information can be used to compare different entities. Consistency: information is consistently presented from year to year.
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characteristics are the attributes that make the information provided in financial reports useful to users. the four principal qualitative characteristics are understandability, relevance, reliability and comparability
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