AICPA Exam CPA-Financial Topic 1 Question 69 Discussion

Actual exam question for AICPA's CPA-Financial exam

Question #: 69
Topic #: 1

According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?

AEffectiveness.

BCertainty.

CPrecision.

DNeutrality.

Show Suggested Answer

Suggested Answer: D

Choice 'd' is correct. The concept of reliability in financial reporting includes; neutrality, representational faithfulness and verifiability.

Choices 'a', 'b', and 'c' are incorrect, per the above.

by Tresa at Apr 23, 2023, 01:34 PM

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