Question

Under sfac 8, the ability , through consensus among measures, to ensure that information represents what it purports to represent is an example of the concept of

A) relevance
B) verifiability
C) comparability
D) predictive value

Answer 1

Verifiability is the ability to ensure that information represents what it purports to represent.

Step-by-step explanation:

Under SFAC 8, the ability to ensure that information represents what it purports to represent is an example of the concept of verifiability. Verifiability refers to the ability to corroborate or confirm the information through consensus among different measures or sources. In the context of financial reporting, verifiability is important in ensuring the quality and reliability of financial statements.