Match the accounting terminology to the definitions. (Click the ion to vieww def

Question

Match the accounting terminology to the definitions. (Click the ion to vieww definitions.) (Click the icon to view the definitions.) 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 Print Done

Explanation / Answer

1. Conservatism - a

2. Materiality concept - d

3. Disclosure principle - b

4. Consistency principle - c

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