Fundamental qualitative characteristics of accounting information are:
A)Relevance and comparability.
B)Comparability and consistency.
C)Faithful representation and relevance.

Question

Quizplus · Accepted Answer

The fundamental qualitative characteristics of accounting information are faithful representation and relevance. These characteristics ensure that the information presented in financial statements is reliable, accurate, complete, and relevant to the needs of users. Comparability and consistency are enhancing qualitative characteristics that make the financial information more useful and understandable for users. However, they are not fundamental characteristics.

Fundamental Qualitative Characteristics of Accounting Information Are