Which statement is incorrect? A) APB statement No. 4. 'Basic-Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises' was the US profession's first conceptual framework B) The trend in accounting over many years has been to reduce disclosure in published reports C) The double-entry bookkeeping system was developed in Italy during the 13^th and 14^th centuries D) In earlier times many present-day transactions were not contemplated by accountants

Question

Quizplus · Accepted Answer

The trend in accounting over many years has been to increase disclosure in published reports, not reduce it. This is because there is a growing demand for transparency and accountability in financial reporting.

Which Statement Is Incorrect