Question

When there is agreement between a measure or description and the phenomenon it purports to represent, information possesses which characteristic

Answer 1

Answer:

Faithful representation

Explanation:

Faithful representation is a term or concept that accurately describes or show the correspondence or agreement between the accounting measures or descriptions of a business financial reports and the economic phenomena they purport to represent.

Faithful representation tends to have three essential components, which are:

1. Completeness

2. Neutrality

3. Free from error

Hence, when there is agreement between a measure or description and the phenomenon it purports to represent, information possesses FAITHFUL REPRESENTATION.