'That quality of financial information which exists when that information can be depended upon to represent faithfully,and without bias or undue error,the transactions or events that it purports to represent or could reasonably be expected to represent' (The Framework para.31),is:
A) understandability
B) reliability
C) timeliness
D) comparability

Question

Quizplus · Accepted Answer

The definition given in the statement refers to the quality of reliability, which means that financial information can be trusted to be free of bias or errors and represent transactions or events accurately.

'That Quality of Financial Information Which Exists When That Information