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Completeness: All financial information, transactions, and event that should be included are including.Prudence: A high degree of caution must be taken into account when the assumption is required.Fair presentation: Financial statements must be prepared in the true and fair view.
ACCURATE 5 ACCOUNTING FREE
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Reliability Principle motivates integrity over financial reporting of an entity. This is how reliable evident from auditor’s perspective. If you want to discover more, here is the best seller book for accounting principle and it also has a good explanation about reliability principle.īasically, the information in the financial statements is reliable if that information could be checked, reviewed, and verified by concerning person with objective evidence.įor example, the reliable evidence for financial transactions or event that records in financial statements is including original documents (invoices, contract, receipt, banks statements, etc), information that generates from the third party, or information that prepared by the auditor.