Final answer:
To be useful, accounting information must be relevant and provide a faithful representation. These characteristics ensure the reliability and meaningfulness of financial reporting. For measurements in research, validity ensures accuracy in measuring the intended attribute.
Step-by-step explanation:
To be useful, accounting information must possess certain fundamental qualitative characteristics. Among these, the two most important are relevance and faithful representation. Relevance implies that the information provided by accounting processes should make a difference in decision-making; it should help users predict future outcomes or review past decisions. On the other hand, faithful representation means that the financial information accurately reflects the economic phenomena it purports to represent, being complete, neutral, and free from error. These characteristics ensure that the financial information is reliable and meaningful to the users.
Regarding the second query, a measurement is considered valid if it actually measures what it is supposed to measure. This is a critical aspect of research, as it guarantees the accuracy of the conclusions drawn from the data. Validity is essential for ensuring that the inferences made are based on sound evidence.