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

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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.

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