Verifiability means that the accounting information:
A)is timely and understandable.
B)is understandable.
C)must be capable of being checked for accuracy,completeness and reliability.
D)is material and relevant.

Question

Quizplus · Accepted Answer

Verifiability means that the accounting information must be capable of being checked for accuracy, completeness, and reliability. It implies that the information should be supported by evidence or documentation that enables users to confirm its accuracy. Timeliness (A) and understandability (B) are important qualities of accounting information, but they do not directly relate to verifiability. Materiality and relevance (D) relate to the significance or importance of the information, but not to its verifiability.

Verifiability Means That the Accounting Information