Which characteristic of accounting focuses on the relevance of information?

The characteristic of accounting that emphasizes the relevance of information is indeed relevance. Relevance in accounting refers to the quality of information that makes it capable of influencing the decisions of users. This involves providing data that is applicable and useful for the decision-making process of stakeholders, such as investors, creditors, and management.

Relevance is about making sure that the information being communicated reflects the current state of affairs and can impact decisions effectively. For instance, financial statements should present data that helps users understand the financial position and performance of an entity, enabling informed decisions.

In contrast, other concepts like timeliness refer to the need for information to be available when it is most useful. Materiality focuses on the significance of information in making decisions; if the information is not material, it may be disregarded. Consistency pertains to the practice of using the same accounting methods over time to ensure comparability. While these concepts are important, it is relevance that specifically centers on the usefulness of the information in the context of decision-making.