Explanation:
Qualitative characteristics are the tributes that make the information provided in financial statements useful to users. Accounting information that is reported to facilitate economic decisions should possess certain characteristics or normative standards.
briefly describe the two fundamental qualities of useful accounting information ?
Explanation:
Relevance and reliability are the two primary qualities that make accounting information useful for decision making.
Relevance: Relevant information is capable of making changes or differences in decision making by helping in forming predictions about the results of past, present, and upcoming events for correct expectations.
Accuracy: It depends on whether the information, numbers, and descriptions match what happened earlier and what exactly existed.