Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A)Reliability.
B)Comparability.
C)Representational faithfulness.
D)Verifiability.

Question

Quizplus · Accepted Answer

Verifiability is demonstrated when independent accountants reach a consensus on the amount and method of reporting an economic event, ensuring that the information can be replicated and confirmed by others.

Four Different Competent Accountants Independently Agree on the Amount and Method