Qualitative characteristics associated with relevant accounting information are
A) consistency, faithful representation, and timeliness.
B) predictive value, confirmatory value, and materiality.
C) neutrality, predictive value, and reliability.
D) going concern, cost principle, and materiality.

Question

Quizplus · Accepted Answer

Predictive value, confirmatory value, and materiality are qualitative characteristics that make accounting information relevant for decision-making. Predictive value helps users predict future outcomes, confirmatory value helps users confirm or correct past predictions, and materiality ensures that all significant financial information is reported.

Qualitative Characteristics Associated with Relevant Accounting Information Are