Which of the following set of standards is at the heart ASOBAT?
A)Relevance, Verifiability, Objectivity, Usefulness
B)Relevance, Verifiability, Freedom from Bias, Quantifiability
C)Reliability, Verifiability, Freedom from Bias, Quantifiability
D)Relevance, Usefulness, Freedom from Bias, Objectivity

Question

Quizplus · Accepted Answer

ASOBAT stands for Accounting Standards for Business Accounting and Taxation. The set of standards that are at the heart of ASOBAT include Relevance, Verifiability, Freedom from Bias, and Quantifiability. These standards ensure that financial information is reliable, comparable, and useful to decision-makers. Choice B includes all of these standards, making it the best choice.

Which of the Following Set of Standards Is at the Heart