Characteristics of Useful Accounting Information

LO $2\mathrm{.}3$ A friend, who is not an accounting major, is interested in what makes accounting useful to decision makers. The friend asks, $$I have a gut feel for what makes information useful to me$,$ but how do you know what makes accounting information useful to users of financial statements? What qualities does useful accounting information have?$$

Required:

$$ Prepare a written response for your friend that identifies and explains the qualitative characteristics of useful accounting information.