Q1(a). A tutorial question and its suggested solution was: Q. Relevance and reliability' represent two key qualitative characteristics of accounting information. What do these two terms mean in an accounting context? Are they in conflict? Solution: Relevance relates fundamentally to bearing upon' the decision at hand in either a confirmation or prediction capacity. Reliability relates to faithfully representing' what it purports to represent, and is a link to the dual ideas of objectively and neutrality. The possible conflict relates to obtaining the appropriate balance between the two as relevance is often inversely related to the passage of time, while reliability is positively related to the passage of time. Required: Explain the answer to the tutorial question in your own words