of the following concepts (or principles) would be most likely to require that data be verifiable?
A) Cost principle
B) Reliability concept
C) Entity concept
D) Going-concern concept

Question

Quizplus · Accepted Answer

The reliability concept (also known as the reliability principle) requires that all information presented in financial statements must be verifiable, free from bias, and able to be depended upon by users. This means that the data must be supported by evidence such as invoices, receipts, or contracts, ensuring that it is accurate and can be verified by auditors or other external parties.

Of the Following Concepts (Or Principles) Would Be Most Likely