Determining the amount of a liability based on a written contract is an example of which of the following characteristics of accounting information?
A)Comparability
B)Neutrality
C)Consistency
D)Verifiability

Question

Quizplus · Accepted Answer

Verifiability refers to the ability to ensure that different knowledgeable and independent observers can reach consensus that an event is faithfully represented. When determining the amount of a liability based on a written contract, the information can be verified by examining the contract itself, making it an example of verifiability.

Determining the Amount of a Liability Based on a Written