Definition of accounting accuracy?

Definition of accounting accuracy?
Accounting accuracy is partially a myth. Accuracy can just meanprecise down to the penny with no particular reference to anything.If the accounting number says you have $1M bucks but you have nonethen it is inaccurate. For something like the VALUE of inventory itis very difficult to say what the correct value is. Even it you sayit is the market value -- which market? on what day? Accountingaccuracy is a term used to make seemingly precise numbers seem moreimportant than they really are. Accuracy can mean a good predictorfor some future event. However, most accountants do NOT takeresponsibility for predicting the future ... so it is primarily aby word to make the accounting numbers seem important.