briefly explainbriefly explainExplanation:LOGINJOIN NOWSearch for a topicAccountancy > Introduction to Accounting > Qualitative Characteristics, Objectives and Roles of AccountingIntroduction to AccountingQualitative Characteristics, Objectives and Roles of AccountingAccounting can be DEFINED as a systematic process of identifying, recording, MEASURING, classifying, verifying, summarizing, interpreting and communicating financial information. Let us see more about the meaning and roles of accounting in business.Suggested VideosArrowArrowArrowArrowObjectives of BusinessLevels of Management Characteristics of AccountingThe characteristics of accounting can be broadly classified into the following categories-Primary characteristicsSecondary characteristicsQualitative Characteristics, Objectives and Roles of Accounting(Source: slideplayer) Learn the Basics terms of Accounting here.Primary Characteristics of AccountingThe following are the primary characteristics of accounting as follows-Relevance: Relevance in accounting is closely related to the concept of useful information. It means that the information must be capable of MAKING a difference in taking various decisions by the users. The information gathered by users relevant for one purpose may not be necessarily relevant for other purposes. The relevant information also reduces decision-makers uncertainty about future acts.Reliability: Reliable information is required to form judgments about the earning potential and financial position of a business firm. Reliability differs from item to item. There are many factors affecting the reliability of information such as uncertainties inherent in the subject-matter and accounting measurements.Browse more Topics under Introduction To AccountingMeaning of AccountingBasic Terms in AccountingAccounting as a Source of InformationSecondary Characteristics of Accounting-The following are the secondary characteristics of accounting as follows-Comparability: Comparability means that the users should be able to compare the accounting information of an enterprise of the period either with that of other periods, known as an intra-firm comparison or with the accounting information of the other enterprises, known as an inter-firm comparison.Understandability: Understandability means that the information provided through the financial statements must be presented in a manner that the users are able to understand it.Objective of AccountingThe following are the main objectives of accounting:-To keep Systematic RecordsThe main objective of accounting is to keep a systematic record of financial transactions which helps the users to understand the day to day transactions in a systematic manner so as to gain KNOWLEDGE about overall business.To Protect Business PropertiesAccounting provides protection to business properties from unjustified and unwarranted use. Information about the above matters helps the proprietor in assuring that the funds of the business are not necessarily kept idle or underutilized.