Which term defines the quality of information that assures it is free of error and bias?

The term that defines the quality of information, ensuring that it is free of error and bias, is reliability. Reliability in accounting refers to the degree to which financial statements or data reports faithfully represent the underlying transactions and events. When information is reliable, it means that users can depend on it to provide a true and accurate depiction of the company's financial position and performance. This quality is crucial because stakeholders rely on accurate financial reporting for decision-making, planning, and analysis.

In contrast, relevance relates to how useful the information is for decision-making but does not necessarily ensure accuracy or lack of bias. Comparability allows users to identify similarities and differences between financial statements across different periods or companies, which is important but unrelated to the accuracy of the data itself. Consistency pertains to the use of the same accounting principles over time, which helps in comparability but does not directly address the accuracy or bias of the information being presented. Thus, reliability is the key term that encapsulates the idea of error-free and unbiased information.