The user can depend on the accuracy of financial information when which of the following qualitative characteristics has been followed?
A)Relevance
B)Faithful representation
C)Understandability
D)Timeliness

Question

Quizplus · Accepted Answer

The qualitative characteristic that ensures the accuracy of financial information is faithful representation. It means that the information should be complete, free from errors, and portray the substance of economic events. This enables the user to depend on the information for decision-making. Relevance, understandability, and timeliness are also important characteristics, but they do not directly impact the accuracy of the information.

The User Can Depend on the Accuracy of Financial Information