The two fundamental qualitative characteristics of accounting information are:
A) relevance and reliability.
B) relevance and faithful representation.
C) reliability and consistency.
D) faithful representation and comparability.

Question

Quizplus · Accepted Answer

The two fundamental qualitative characteristics of accounting information are relevance and faithful representation. Relevance means that the information is capable of making a difference in the decisions made by users, while faithful representation means that the information is complete, unbiased, and accurate. While reliability and comparability are important characteristics as well, they are not considered to be fundamental.

The Two Fundamental Qualitative Characteristics of Accounting Information Are