According to the full disclosure principle,financial reports should present detailed information about every transaction.

Question

Quizplus · Accepted Answer

Simply put,according to the full disclosure principle,financial reports should present all information that is needed to properly interpret the results of the company's business activities.This doesn't mean that every single transaction needs to be explained in detail,but rather that adequate information needs to be presented to allow financial statement users to fairly interpret reports about the company's income,financial position,and cash flows.

According to the Full Disclosure Principle,financial Reports Should Present Detailed