Question

State and explain any 2 characteristics of accounting.​

Answer 1

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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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Answer 2

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