Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. accounting: which of the following statements accu

Accounting: Which of the following statements accurately describes the role of Materiality and Consistency principles...

80.2K

Verified Solution

Question

Accounting

Accounting: Which of the following statements accurately describes the role of Materiality and Consistency principles in ensuring comparability and reliability of financial information across reporting periods?
A) Materiality ensures that all financial information is presented consistently across different reporting periods.
B) Consistency principle ensures that only material financial information is disclosed in financial statements.
C) Materiality principle guides the determination of what financial information should be disclosed based on its significance to users.
D) Consistency principle dictates that financial information should be presented in the same format across different industries.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

At Community Hospital, the burn center is experimenting with a new plasma compress treatment. A random...

Physics
1.2K views

Two 99 sq cm plates which are both 2.21 mm thick are soldered together. Plate...

Basic Math
1.2K views

A playground is being square with sides 12 yards long he shape of a How...

Basic Math
1.2K views

College tuition: A simple random sample of 35 colleges and universities in the United States...

Calculus
1.2K views

Find the exact value by using a sum or difference identity.sin 165

Calculus
1.2K views

The weekly marginal revenue from the sale of x pairs of tennis shoes is given...

Accounting
1.2K views

Determine the maximum insurance premium the person would be willing to pay for a $200,000...

Accounting
1.2K views

27 q. I need answer ASAP! Taylor Bank...

Accounting
1.2K views

Problem 10-3(Static) Acquisition costs [LO10-1,10-4,10-6] The plant asset and accumulated depreciation accounts of...

Accounting
1.2K views

Davison Corporation acquired a 45 % interest in Sean Inc. for $ 370,000 on January...

Accounting
1.2K views

Explain why the shareholders basis in the new stock received in a corporate reorganization is...

Finance
1.2K views

Effective Rate of Interest Find the interest rate (or rates of return) in each of...