Ask Question
14 July, 02:52

Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the definitions.) 1. Conservatism 2. Materiality concept 3. Disclosure principle 4. Consistency principle a. A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company C. A business should use the same accounting methods and procedures from period to period. d. A company must perform strictly proper accounting only for items that are significant to the business's financial situation

+5
Answers (1)
  1. 14 July, 05:09
    0
    Conservatism: A business should report the least favorable figures in the financial statements when two or more possible options are presented.

    Explanation:

    1. Conservatism: A business should report the least favorable figures in the financial statements when two or more possible options are presented.

    2. Materiality concept : A company must perform strictly proper accounting only for items that are significant to the business's financial situation

    3. Disclosure principle : A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company

    4. Consistency principle: A business should use the same accounting methods and procedures from period to period.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the definitions.) 1. Conservatism 2. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers