In accounting, the concept for whether different experts will agree on a measurement is
A) Verifiability
B) Consistency
C) Timeliness
D) Materiality

Question

Quizplus · Accepted Answer

Verifiability refers to the ability to confirm a measurement by independent and knowledgeable observers. It is important for different experts to agree on a measurement in order to have reliable financial reporting. Consistency refers to using the same accounting methods over time, while timeliness refers to reporting financial information in a timely manner. Materiality refers to the significance of an item or event on financial statements. While consistency, timeliness, and materiality are all important concepts in accounting, they are not directly related to the idea of different experts agreeing on a measurement.

In Accounting, the Concept for Whether Different Experts Will Agree