PRC-1 · Chapter 1 · Question 39 of 100
Which qualitative characteristic of financial information assures users that the information accurately represents the economic phenomena it purports to represent, often confirmed by independent auditors?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Verifiability
Explanation
Verifiability helps assure users that information faithfully represents the economic transactions. It means that different knowledgeable and independent observers (like auditors) could reach a consensus on the data.
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