Final answer:
The two primary qualities of useful accounting information are relevance, which ensures the information affects decision-making, and faithful representation, which guarantees that information truthfully depicts what it represents.
Step-by-step explanation:
The two primary qualities of the overall qualitative characteristic of useful accounting information are relevance and faithful representation. Relevance refers to the quality of information that makes it likely to affect the decision-making of its users. It must be connected to and capable of making a difference in a decision.
Faithful representation means that the numbers and descriptions match what really existed or happened. It is about the truthfulness of the information. Three attributes of faithful representation include completeness (nothing relevant is omitted), neutrality (information is without bias), and free from error (information is accurate to a reasonable extent).
Accounting information must strike a balance between these characteristics to be reliable and valid, ensuring it consistently produces a given result and truly represents what it purports to depict. This aids large scale processes and is usually highly adaptable and easy to interpret and communicate.