Asked by Güney Güne? on Jul 22, 2024
Verified
According to GAAP, verifiability is an ingredient of
A) comparability
B) reliability
C) representational faithfulness
D) relevance
Verifiability
An accounting principle that ensures all information reported is backed by evidence and can be confirmed by independent observers.
GAAP
Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction.
Reliability
In accounting, it refers to the accuracy and consistency of financial reporting, ensuring that information faithfully represents the entity's financial condition.
- Recognize and comprehend the qualitative attributes of financial reporting data.
Verified Answer
Learning Objectives
- Recognize and comprehend the qualitative attributes of financial reporting data.
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