if accounting information is based on facts and it is verifiable by documents it has the quality of
Answers
if accounting information is based on facts and it is verifiable by documents it has the quality of information.Which is completely correct.
Complete Question:
If accounting information is based on facts and it is verifiable by documents it has the quality of
(A) Relevance (B) Reliability (C) Understandability (D) Comparability
Answer:
(B) Reliability
If accounting information is based on facts and it is verifiable by documents it has the quality of Reliability.
Explanation:
The level of excellence provided by a product or service is referred to as its quality. Reliability is the likelihood that a product will perform a defined function without failure under specified conditions for a specified period of time. Accounting information has the following qualitative characteristics: Reliability entails the user's ability to rely on the accounting data. All accounting data is verifiable and can be found in the source document (voucher).