The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is:
A) Business entity assumption.
B) Monetary unit assumption.
C) Going-concern assumption.
D) Time-period assumption.
E) Objectivity.

Question

Quizplus · Accepted Answer

The concept described in the question is objectivity, which requires financial statement information to be based on unbiased, verifiable evidence rather than personal opinions or beliefs. The other answer choices refer to different accounting concepts, but not to the specific concept outlined in the question.

The Accounting Concept That Requires Financial Statement Information to Be