State and explain any 2 characteristics of accounting.
Answers
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In addition to the aforementioned characteristics (i.e., relevance, reliability, comparability, and consistency), the following qualities of accounting information affect its usefulness: understandability, materiality, and conservatism.
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Explanation:
There are four (4) qualitative characteristics of accounting information that serve as the basis for decision making purposes in accounting:
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