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What is true about objectivity & verifiability? a. It is important for Managerial Accounting b. It...

What is true about objectivity & verifiability?

a. It is important for Managerial Accounting

b. It is important for Financial Accounting

c. It is important for Current Cost Accounting

d. Cannot say
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Answer #1

Answer is It is important for financial accounting.

Verifiability is one of the major Major Accounitng principles Eg:Consistency, Full Disclosure,Materiality .The concept is that third party can reproduce organisations reported financial statments by using  same facts and assumptions .

Objectivity:Objectivity is the  principle that  the financial statements of an organization be based on solid evidence. The management and the accounting department of an entity should maintain objectivity   for producing financial statements .They should away from Biases.

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