Spanky's Market sells organic foods and the owners and employees pride themselves on being environmentally conscious by using as little paper products as possible. As such, when the annual financial statements were issued, they omitted the notes to the financial statements thus using 70% less paper. Omitting the notes to the financial statements is

Question

Quizplus · Accepted Answer

Omitting the notes to the financial statements is a violation of the full disclosure principle, which requires companies to disclose all relevant information in their financial statements. While it may align with the environmentally conscious principle, it cannot be used to justify a violation of accounting principles.

Spanky's Market Sells Organic Foods and the Owners and Employees