The concept of transparency mandates that the financial statements
A)reflect the economic reality of running a business.
B)reflect everything no matter how small.
C)reflect the biases of the managers.
D)all of the above.

Question

Quizplus · Accepted Answer

Transparency requires that financial statements reflect the true economic reality of a business, which is essential for stakeholders to make informed decisions. Including everything, no matter how small, or reflecting biases of managers would not support this goal of transparency.

The Concept of Transparency Mandates That the Financial Statements