Match the following characteristics with the statements about each qualitative characteristic's importance.
-Accounting information must be verifiable and faithfully represent actual transactions.
A)Consistency
B)Materiality
C)Conservatism
D)Comparability
E)Reliability
F)Relevance
G)Understandability

Question

Quizplus · Accepted Answer

"Verifiability" and "faithful representation" are both related to reliability, as reliability requires information to be verifiable and faithfully represent events. Therefore, the qualitative characteristic that is most important in this statement is reliability, which is represented by option E.

Match the Following Characteristics with the Statements About Each Qualitative