BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Verifiability means that the financial information can be proven with evidence and the findings can be duplicated. Both reliability and verifiability give usefulness to the financial statements. In other words, GAAP is trying to make sure financial statements are based on facts and not opinions or biases.

Detailed explanation-2: -Verifiable Objective: This principle justify the significance of verifiable documents supporting various transactions. According to it, each transaction should be supported by Objective evidence like Voucher. Objective evidence, here, means evidence free from bias of the accountant.

Detailed explanation-3: -What is the Objectivity Concept? Objectivity concept in accounting is referred to as the principle which states that financial statements should be objective in nature. In other words, the financial information should be unbiased and free from any kind of internal and external influence.

Detailed explanation-4: -The objectivity principle in accounting states that the financial statements a company produces must be based on solid evidence. The aim of this principle is to ensure that management and accounting do not allow any personal opinions or biases from making their way into the financial statements.

Detailed explanation-5: -Verifiability is the extent to which information is reproducible given the same data and assumptions. For example, if a company owns equipment worth $1, 000 and told an accountant the purchase cost, salvage value, depreciation method, and useful life, the accountant should be able to reproduce the same result.