Reporting the Details of Notes Is Consistent with Which Accounting

question 16

Multiple Choice

Reporting the details of notes is consistent with which accounting principle that requires financial statements (including footnotes) to report all relevant information?

• A)Relevance.
• B)Full disclosure.
• C)Evaluation.
• D)Materiality.
• E)Matching.

---

Definitions:

Financial Data

Information related to money matters of a company, including its revenue, expenses, profits, and losses.

Sales On Account

Transactions where goods or services are sold with payment to be received at a later date, typically recorded as accounts receivable on the balance sheet.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency in managing, selling, and restocking goods.