Select the basic assumptions and principles underlying financial statements.
-Circumstances and events that make a difference to financial statement users should be disclosed.
A) Cost principle
B) Accounting entity concept
C) Full disclosure principle
D) Going concern principle
E) Monetary principle
F) Accounting period concept

Question

Quizplus · Accepted Answer

The full disclosure principle requires that all relevant and necessary information for the understanding of a company's financial statements must be disclosed. This includes any circumstances and events that would impact the financial statement users' decisions.

Select the Basic Assumptions and Principles Underlying Financial Statements