The full disclosure principle:
A) Requires that any change in net income due to changes in the inventory cost assumption be disclosed.
B) Requires that when a change in inventory cost flow assumption is made, the notes to the statements report the type of change.
C) Does not require a company to use one cost flow assumption exclusively.
D) Requires that when a change in inventory cost flow assumption is made, the notes to the statements report the justification for the change.
E) All of these answers are correct.
Correct Answer:
Verified
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