Man-made

→ Derived by men on the basis of practical experience and reason.

→ Lack universal applicability as they are not laboratory tested.

Flexible

→ Keep on changing with passage of time and in response to changes in business.

→ Also change according to the needs of users.

Generally Accepted

Criteria

→ Information is not biased and verifiable.

→ Information is meaningful and useful to the users.

→ Can be applied without complexity or cost.