Which accounting concept or principle specifically states that we should record transactions that can be verified?

Question

Quizplus · Accepted Answer

The reliability principle, also known as the principle of verifiability, states that accounting transactions should be recorded only if they can be verified through objective evidence such as receipts, invoices, and bank statements. This principle helps ensure the accuracy and integrity of financial statements. Choices A, B, and D do not specifically address the requirement for verifiability.

Which Accounting Concept or Principle Specifically States That We Should