Financial information that is verifiable means that
A) information is clear and concise
B) knowledgeable users agree that the financial information is faithfully represented
C) the information is useful to users with reasonable knowledge of accounting as well as business and economic activities
D) users are able to compare different companies, if all the companies use similar accounting practices
E) the financial statements have not been prepared according to GAAP

Question

Quizplus · Accepted Answer

Verifiable financial information means that knowledgeable users agree that the financial information is faithfully represented. Clear and concise information, usefulness to users with reasonable knowledge, comparability, and adherence to GAAP are all important aspects of financial information, but they do not necessarily guarantee that the information is verifiable.

Financial Information That Is Verifiable Means That