• relevance
• reliability
• comparability
• consistency
Overall the cost/benefit quality of information states that the benefits of accounting and reporting should exceed the cost. It makes no sense to gather, record, process, publish, and analyze information if it costs more to do that than the output is worth.
The primary information qualities [...]

The double-entry innovation to track the increase and decrease of each part of the accounting equation (assets = liabilities + equity) made recording business transactions more manageable. There were still several complications. How do you present the information you’ve recorded? How does an Amsterdam merchant convince a Venetian banker to back [...]