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Unformatted text preview: To have accounting information reliable, it must be verifiable, neutral, and possess representational faithfulness. The Certified Public Accounting firm audit publicly traded companies and their report is furnished to the Securities and Exchange Commission. The report submitted must be verifiable. The reliable information also needs to possess representational faithfulness. The reported information must verify the changes in transactions from one period to another. It must be neutral, not biased, and this accounting information is intended to be useful in decision making. References: Nilolai L, Bazley J, Jones J. (2009). Intermediate Accounting (I), Textbook...
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 401 taught by Professor Jeter during the Spring '12 term at Kaplan University.
- Spring '12