Question

Q.7 Name the qualitative characteristics of accounting and any two of them.

Answer 1

The qualitative characteristics of accounting are-
Reliability
Relevance
Understandability
Comparability

Answer 2

The qualitative characteristics of accounting information are :-

♥ Reliability - It means the information is verifiable and free from material error .

♥ Understandability - It means the information provided must be presented in a manner that they can be understood .

♥ Comparability - The users must be able to compare the accounting information of the period with that of other periods .

♥ Relevance - It meets the need of the users in decision making .