According to the FASB,the usefulness of accounting is judged by which of the following two qualitative characteristics of accounting information?
A)Comparability and neutrality
B)Understandability and comparability
C)Verifiability and timeliness
D)Relevance and faithful representation

Question

Quizplus · Accepted Answer

The FASB considers relevance and faithful representation to be the two most important qualitative characteristics of accounting information. Relevance refers to the ability of the information to influence the economic decisions of users, while faithful representation means the information is complete, neutral, and free from error. Other qualitative characteristics include comparability, verifiability, timeliness, and understandability.

According to the FASB,the Usefulness of Accounting Is Judged by Which