When the cost of an item can be traced to objective evidence of a transaction, such as a sales receipt, canceled check, and bank statement, the information has the quality of:

Question

Business

Makena Hansen

17 August, 12:35

When the cost of an item can be traced to objective evidence of a transaction, such as a sales receipt, canceled check, and bank statement, the information has the quality of:

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Answers (1)

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Ryan Bishop · Answer 1

Verifiability

Explanation:

As the name suggests, the quality of the documents like sales receipts, purchase receipts, cash receipts, canceled check, bank statement or other documents which are used for evidence plus for tracing the order also should be based on verifying by an independent person with a motive that every document or every kind of information is correct and accurate.

The evidence quality totally depends on the verifier who verifies the document with an unbiased behavior telling that the financial statements are reliable and accurate in all aspects.