Asked by Vivian Terziario on Jul 22, 2024
Verified
Financial reports are said to be verifiable when
A) they are available in time to influence users' decisions.
B) they are formatted clearly and concisely.
C) they demonstrate the similarities and differences among reported items.
D) users can agree on the meaning of reported items.
Verifiable
The characteristic of information that can be checked for accuracy and reliability.
Financial Reports
Formal records of the financial activities and position of a business, individual, or other entity.
- Familiarize oneself with the core concepts and traits of financial reporting, including timeliness, clarity, the ability to compare, and verifiability.
Verified Answer
RP
rhonekia parkerJul 27, 2024
Final Answer :
D
Explanation :
Verifiability means that users can agree on the meaning of reported items, making the information reliable and credible. A, B, and C are not related to the concept of verifiability but rather to the qualities of useful financial information. timeliness, clarity, and comparability.
Learning Objectives
- Familiarize oneself with the core concepts and traits of financial reporting, including timeliness, clarity, the ability to compare, and verifiability.
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