PROBLEM 6.6 Qualitative characteristics The Framework for the Preparation and Presentation of Financial Statements examines the characteristics o accounting information that make this information useful for decision-making. It also points out that various limitations, which are inherent in the measurement and reporting process, may necessitate trade-olts limitations and the positive characteristics of useful information. 1 Briefly describe the following characteristics of useful accounting information: a relevance b faithful representation c understandability d comparability e timeliness f verification For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other a relevance and verification b faithful representation and timeliness c comparability and relevance d relevance and understandability 2