1. General: Freedom from error (correctness), or closeness to truth or fact, resulting from exercise of painstaking care or due diligence. Accuracy depends on how the data is collected, and is usually judged by comparing several measurements from the same or different sources.
2. Accounting: (1) A financial statement item is judged accurate when all account balances included in it are correct in (a) value, (b) presentation, and (c) disclosure of material information. (2) An account balance is judged accurate when all elements included in it (such as assets, costs, equities, liabilities, reserves) are correct in (a) value, and (b) classification. (3) A class of transactions is judged accurate when all accounting events included in it are correct in (a) value, and (b) description.
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