Final answer:
Reliability is an important quality of accounting information that assures users of its trustworthiness. Reliable information includes factual data, statistics, and specific examples that support the company's reported financial status.
Step-by-step explanation:
The important quality of accounting information that allows users such as investors, creditors, management, and others to rely on it is reliability. To provide reliable information, it must be factual, meaning that it is accurate and can be proven correct. Furthermore, this information should encompass specific facts, statistics, and examples so that users are secure in knowing that the data is trustworthy.
When reliable information is available, it becomes easier for outside investors, who may not know the managers of a firm personally, to decide to invest or provide financial capital because they trust the reported products, revenues, costs, and profits of the firm. Consistency in reporting also plays a role in providing reliable information as it follows a set reporting structure that answers critical questions such as who, what, when, where, why, and how.