The common recognition criteria for each of assets, liabilities, income and expenses is that they must be:
A) reliable.
B) measured reliably.
C) faithfully represented.
D) matched in the period they occur.

Question

Quizplus · Accepted Answer

The common recognition criteria for each of assets, liabilities, income and expenses is that they must be measured reliably. This means that the information used to measure them must be accurate, objective, and capable of being verified. Reliability is an important aspect of financial reporting as it allows users of financial statements to make informed decisions based on accurate and trustworthy information.

The Common Recognition Criteria for Each of Assets, Liabilities, Income