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    Question

    If an accounting information is free from errors, then

    which qualitative characteristic is reflected?
    A Relevance Correct Answer Incorrect Answer
    B Comparability Correct Answer Incorrect Answer
    C Reliability Correct Answer Incorrect Answer
    D Understand ability Correct Answer Incorrect Answer

    Solution

    Reliability is a qualitative characteristic of accounting information. If accounting information is free from errors and can be depended upon to represent the economic substance of transactions faithfully, it is considered reliable. Reliability is essential for users of financial statements to make informed decisions based on accurate and trustworthy information.

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