Which of the Following Terms Can Be Used Interchangeably

question 22

Multiple Choice

Which of the following terms can be used interchangeably?

• A) proportions and probabilities
• B) proportions and percentages
• C) probability and percentages
• D) All of the above can be used interchangeably.

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Definitions:

Verifiability

Verifiability in accounting means information in financial statements can be confirmed or corroborated by independent parties using the source documents.

Comparable

This term often refers to financial metrics or properties that are similar enough to be used for comparison purposes in analyses.

Financial Reporting

The process of disclosing financial performance and position of a company through financial statements issued periodically.

Economic Substance

A principle that transactions should reflect their true economic purpose, not just their legal form.