Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to a

Question

3 years ago

13

Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to a

llow two or more qualified individuals to arrive at similar measures
a. Matching
b. Stable monetary unit
c. Verifiability
d. Periodicty

Business

1 answer:

pshichka [43] · Answer 1 · 2021-12-31T07:09:53+03:00

Answer:

The correct answer is the option C: Verifiability.

Explanation:

To begin with, the accounting concept of <em>"Verifiability"</em> indicates that the accounts of a company are verifiable in the cases when those accounts are reproducible so that indicates that given the same data and assumpitions it is understandable that an independent accountant can produce the same result the company actually did. Therefore that the verifiability is the concept that states that an accounting transaction should be supported by sufficient evidence to allow two or more qualified accountants to arrive at similar measures as it said before.