Asked by Angel Castillo on Jul 11, 2024
Verified
The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is:
A) Business entity assumption.
B) Monetary unit assumption.
C) Going-concern assumption.
D) Time-period assumption.
E) Objectivity.
Objectivity
The principle of being unbiased and not influenced by personal feelings or prejudices in representing facts.
- Familiarize oneself with the foundational theories and presuppositions of financial accounting.
Verified Answer
AM
Alex MarencoJul 13, 2024
Final Answer :
E
Explanation :
The concept described in the question is objectivity, which requires financial statement information to be based on unbiased, verifiable evidence rather than personal opinions or beliefs. The other answer choices refer to different accounting concepts, but not to the specific concept outlined in the question.
Learning Objectives
- Familiarize oneself with the foundational theories and presuppositions of financial accounting.
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