Answer: 1. Relevance and comparability.
Explanation: Qualitative characteristics of accounting information can be found in the Financial Accounting Concept number 2.
It has to do with the quality of accounting information needed by investors,
lenders, creditors and other external body interested in the information passed in the Financial Statement.
The qualitative characteristics includes. Relevance, comparability, consistency and reliability
Relevance: Accounting information must give room for the best decision regarding the organisation.
Comparability: Information given in any financial statement be comparable with those in the same industry
Consistency: information presented in the financial statement must be prepared the same way using the same methods for easy analysis.
Reliability: Information presented must be verifiable, factual and neutral.
