Accounting INFORMATION QUALITATIVE characteristics are summarized below: In addition to the aforementionedcharacteristics (i.e., relevance, reliability, comparability, and consistency), the following QUALITIES of accounting information affect its usefulness: understandability, materiality, and conservatism.There are four (4) qualitative characteristics of accounting information that serve as the basis for decision making purposes in accounting:

Relevance: information makes a difference in decision making

Reliability: information is verifiable, factual, and neutral

Comparability: information can be used to compare different entities

Consistency: information is consistently presented from year to year

These qualities make accounting information understandable and useful for decision and REPORTING purposes: the goal of financial reporting is to provide useful information to current and potential investors, CREDITORS, and other users of accounting information (e.g., government, standard-setting bodies) to make investment, credit, and other decisions.