The accounting principle that requires financial statements to report all contingent liabilities is called
A) Relevance
B) Evaluation
C) Full disclosure
D) Materiality
E) Matching

Question

Quizplus · Accepted Answer

The Full Disclosure principle in accounting requires that financial statements must disclose all relevant and necessary information for the understanding of the financial condition and performance of the entity, including contingent liabilities.

The Accounting Principle That Requires Financial Statements to Report All