PRC-1 · Chapter 1 · Question 91 of 100
The accounting concept that assures users that different knowledgeable and independent observers (such as external auditors) could reach consensus that a transaction is faithfully represented is known as:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Verifiability
Explanation
Verifiability is a qualitative characteristic ensuring that independent observers can verify the financial information, such as an auditor confirming an invoice matches the ledger.
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