1. What does relevance mean with regard to the use of accounting information? 2. What is the qualitative characteristic of comparability? Why is it important in preparing financial statements? 3. What...

1. What does relevance mean with regard to the use of accounting information?

2. What is the qualitative characteristic of comparability? Why is it important in preparing financial statements?

3. What is the difference between comparability and consistency as they relate to the use of accounting information?