Question

Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:

Answer 1

Answer:

The correct answer is: Verifiability.

Explanation:

Verifiability implies that the accounting information displayed in the financial statements must be verified by more than one accountant. The concept also implies the information provided in the records are reliable enough so that different professionals can eventually come to the same conclusions using similar accounting methods.