Multiple Select Question Select all that apply Generally accepted accounting principles (GAAP) wants information to have: (Check all that apply.) \( \square \) faithful representation \( \square \) conceptual history \( \square \) rules \( \square \) relevance

Under Generally Accepted Accounting Principles (GAAP), financial information should possess certain qualitative characteristics to ensure its usefulness to users. Let's evaluate each of the provided options: 1. **Faithful Representation** - **Correct.** Faithful representation means that the financial information accurately reflects the economic phenomena it purports to represent. It should be complete, neutral, and free from error. 2. **Conceptual History** - **Incorrect.** "Conceptual history" is not a recognized qualitative characteristic under GAAP. It might refer to the historical development of accounting concepts, but it doesn't pertain to the attributes of financial information. 3. **Rules** - **Incorrect.** While GAAP itself is a set of rules and guidelines for financial reporting, "rules" are not a characteristic of the information. Instead, characteristics relate to the qualities that make the information useful, such as relevance and faithful representation. 4. **Relevance** - **Correct.** Relevance refers to the capacity of information to influence the economic decisions of users by helping them evaluate past, present, or future events or confirming or correcting their past evaluations. **Therefore, the correct selections are:** - ☑ **Faithful representation** - ☑ **Relevance**