home / study / business / accounting / accounting questions and answers / Objectivity (allso Called Verfiablity) And Bias (usefulness) Are Two Extremely Important Characteristics... Your question has been posted. We'll notify you when a Chegg Expert has answered. Post another question. Question: Objectivity (allso called verfiablity) and bias (usefulness) are two extremely important characte... Edit question Objectivity (allso called verfiablity) and bias (usefulness) are two extremely important characteristics of accounting. Discuss the following sitaution in terms of how you bel.ieve they affect objectivity and bias. Assume that a new standard allows only FIFO in inventory and cost of goods sold accounting with weighted average and LIFO being eliminated (you may ignore income tax effects).