) The characteristic that is demonstrated when a high dearee of comemsun can be

Question

) The characteristic that is demonstrated when a high dearee of comemsun can be secured among independent measurers using the same measuremem methods is a) relevance b) relilability c) verifiability d) neutrality 2) Financial information exhibits the characteristic of consisteney when a) expenses are reported as charges against revenue in the period in which b) accounting entities give accountable events the same accounting they are paid. treatment from period to period. c) extraordinary gains and losses are not included on the income statement d) accounting procedures are adopted which give a consistent rate of ne income. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the a) economic entity assumption. b) relevance characteristie. c) comparability characteristic. d) neutrality characteristic Information is neutral if it a) provides benefits, which are at least equal to the costs of its preparat b) can be compared with similar information about an enterprise 4) points in time. c) would have no impact on a decision-maker. d) is free from bias toward a predetermined result

Explanation / Answer

1

Verifiability

Explanation:

Verifiability means the characteristics that are capable of being verified. In accounting, verifiability means that the accounting information presented in financial statements must be verifiable by independence accountants. Given the same data and assumptions , an independent accountant can produce the same results the company did.

2 option b

Accounting entities give accountable events thsame accounting treatment from period to period.

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.