FASB Statement of Financial Accounting Concepts No.2 indicates several qualitative characteristics of useful accounting information. Following is a list of some of these qualities, as well as a list of statements and phrases describing the qualities. a.Benefits>costs

b.Decision usefulness

c.Relevance

d.Reliability

e.Predictive value, feedback value, timeliness

f.Verifiability, neutrality, representational faithfulness

g.Comparability

h.Materiality

i.Relevance,reliability

1. Without usefulness, there would be no benefits from information to set against its cost. 2.Pervasiveconstraintimposedonfinancialaccountinginformation.

3.Constraintthatguidesthethresholdforrecognition.

4.Aqualityrequiringthattheinformationbetimelyandthatitalsohavepredictivevalue,feedbackvalue,orboth.

5.Aqualityrequiringthattheinformationhaverepresentationalfaithfulnessandthatitbeverifiableandneutral.

6.Thesearethetwoprimaryqualitiesthatmakeaccountinginformationusefulfordecisionmaking.

7.Thesearetheingredientsneededtoensurethattheinformationisrelevant.

8.Thesearetheingredientsneededtoensurethattheinformationisreliable.

9.Includesconsistencyandinteractswithrelevanceandreliabilitytocontributetotheusefulnessofinformation.RequiredPlacetheappropriateletteridentifyingeachqualityonthelineinfrontofthestate-mentorphrasedescribingthequality.