Which of the following statements is not true?
A) Comparability means using the same accounting principles from year to year within a company.
B) Reliability of information gives assurance that the information is free of error or bias.
C) Relevant accounting information must be capable of making a difference in the decision.
D) The FASB concluded that the overriding criterion by which accounting choices can be judged is decision usefulness.
Correct Answer:
Verified
Q15: The matching principle dictates that expenses are
Q16: The going concern assumption assumes that the
Q17: If generally accepted accounting principles did not
Q18: The economic entity assumption states that
A)the economic
Q19: GAAP are standards and rules recognized as
Q21: The revenue recognition principle dictates that revenue
Q22: The information provided in the notes that
Q23: Expenses are recognized when
A)cash is paid.
B)the work
Q24: In applying the operating guidelines within the
Q25: An example of an expired cost is
A)inventory.
B)sales
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