The objectivity concept requires that

A) business transactions be consistent with the objectives of the entity
B) the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards
C) accounting principles meet the objectives of the Securities and Exchange Commission
D) amounts recorded in the financial statements be based on independently verifiable evidence

Objectivity Concept

An accounting principle ensuring that financial statements are based on verifiable and unbiased evidence.

Financial Statements

Reports that summarize the financial performance and position of a business, including the income statement, balance sheet, and cash flow statement.

Financial Accounting Standards Board

An autonomous body tasked with creating and enhancing financial accounting and reporting norms in the United States.