Select the Statement Below That Does Not Correctly Describe the Qualitative

question 70

Multiple Choice

Select the statement below that does not correctly describe the qualitative characteristic of
Reliability.

• A)Reliable information should be compared with the same data for other companies.
• B)Reliability means that the information should be dependable.
• C)Information that is reasonably free of error and bias is assumed to be reliable.
• D)Reliable information is a faithful representation of the company's financial affairs.

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Definitions:

Customer Privacy

The protection of personal information shared by customers with businesses, ensuring that it is not misused or disclosed without consent.

Financial Institutions

Organizations such as banks and credit unions that provide financial services including deposits, loans, and investments.

EFT

Electronic Funds Transfer, a system of transferring money from one bank account directly to another without any paper money changing hands.

Preauthorized Payment

A prearranged payment that allows a payee to automatically withdraw funds from a payer's account as per the agreed terms, usually on a recurring basis.