Accounting information should be verifiable in order to enhance
A)comparability.
B)faithful representation.
C)consistency.
D)relevance.

Question

Quizplus · Accepted Answer

Verifiability is an accounting principle that requires that accounting information be able to be independently verified by a third party. This is important because it helps to ensure that the information is accurate and reliable. Faithful representation is the accounting principle that requires that accounting information be complete, neutral, and free from material error. Comparability is the accounting principle that requires that accounting information be presented in a way that allows users to compare it to other information. Consistency is the accounting principle that requires that accounting information be prepared using the same methods and procedures from period to period. Relevance is the accounting principle that requires that accounting information be useful to users in making decisions.

Accounting Information Should Be Verifiable in Order to Enhance