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09.07.2022 - 10:56

The annual reports of Best Buy Co. are audited by certified public accountants. Which qualitative characteristic of accounting information applies to this situation?

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The annual reports of Best Buy Co. are audited by certified public accountants. Which qualitative characteristic of accounting information applies to this situation?

Answers (1)

Dorothea April 15, 2023 в 09:18

The qualitative characteristic of accounting information that applies to this situation is reliability. Reliability refers to the credibility and accuracy of the information presented in financial statements. Best Buy Co. is ensuring the reliability of their financial information by having it audited by certified public accountants. Auditing involves a systematic review of financial records, transactions, and operations to ensure that the financial statements are free from material misstatements and errors. By having their financial statements audited, Best Buy Co. is able to provide reliable information to their stakeholders, which enhances their credibility and trustworthiness.

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