An accounting method which only allows expenses to be recorded for which there is verifiable proof, such as a receipt or invoice prepared by a third party. This concept does not work with certain entries such as those pertaining to the obsolescence of inventory.
Related information about reliability principle:
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The reliability principle is the concept of only recording those transactions in the accounting system that you can verify with objective evidence. Examples of ...
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Definition of reliability principle: An accounting rule that helps make sure that accounting records and statements use the most accurate information available.
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The Trust Services Framework reliability principle that states ...
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Aug 30, 2010 ... Another name for the reliability principle. Term. operating activities. Definition ... reliability principle. Definition. The accounting principle that ...
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Jul 25, 2011 ... The measurement reliability (measurement credibility) is influenced by many factors. This article discuss about elimination of random errors and ...
- GAAP - GAAP Concepts and Standards
Reliability Principle: This is the principle that is backed up by every accountant. It is based on information that is reliable. Some accountants call this the ...