RELIABILITY PRINCIPLE OF ACCOUNTING

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ALL ABOUT ACCOUNTING :- 16th BLOG

      ☆☆☆☆☆ACCOUNTING☆☆☆☆☆

Hi freinds 🙏.,
           Today's discuss 11th accounting principle.

So let's discuss... 

  ★ RELIABILITY  :- 
Accounting reliability refers to whether financial information can be verified and used consistently by investors and creditors with the same results. Basically, reliability refers to the trustworthiness of the financial statements.
The accounting rule of the reliability principle concerns the financial information of a business, and states that the information presented in the accounting records and statements should be the most accurate and relevant information available.

  * For example :- 
Company ABC LTD. is being sued for damages by Company XYZ LTD. If Company ABC LTD. loses the case, they will have to pay a significant amount in settlement money, which could threaten the financial stability of their company.

  * Types of reliability :- 
There are mainly two types of reliability – internal and external reliability. Internal reliability assesses the consistency of results across items within a test. External reliability refers to the extent to which a measure varies from one use to another.

  * Method of reliability  :- 
Unfortunately, there is no way to directly observe or calculate the true score, so a variety of methods are used to estimate the reliability of a test. Some examples of the methods to estimate reliability include test-retest reliability, internal consistency reliability, and parallel-test reliability.

  * Difference between  reliability  and validity :-
Reliability and validity are concepts used to evaluate the quality of research. They indicate how well a method, technique or test measures something. Reliability is about the consistency of a measure, and validity is about the accuracy of a measure.

  * Importance of both reliability  and validity :- 
In all, reliability and validity are important factors of psychological research studies. They allow us to gain firm and accurate results, as well as helping us to generalize our findings to a wider population and, in turn, apply research results to the world to improve aspects of people's lives.
















★Remaining 2 principles discuss in 17th blog...★
                           
                         ★So wait my 17th blog.....★

                   _____________________________

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