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6 July, 14:36

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

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  1. 6 July, 14:55
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    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.
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