The full-disclosure principle requires a complete set of financial statements supported by notes to those statements.

Question

Quizplus · Accepted Answer

The full-disclosure principle requires a company to provide all necessary information in the financial statements and related notes so that users can make informed decisions about the company's financial position, performance, and risks. Therefore, a complete set of financial statements supported by notes is necessary to comply with the full-disclosure principle.

The Full-Disclosure Principle Requires a Complete Set of Financial Statements