Reporting the Details of Notes Is Consistent with Which Accounting

question 28

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)Expense recognition (matching).

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Definitions:

Substantial Evidence Test

A legal standard used by courts to review administrative decisions, determining if the decisions are supported by substantial evidence on the record.

Formal Agency Adjudications

Legal processes within federal agencies involving the resolution of disputes or determination of rights through hearings and decisions.

Office of Management and Budget

A federal office within the Executive Office of the President of the United States responsible for devising and submitting the president's budget proposal to Congress.

Cost-Benefit Analyses

The process of comparing the costs and benefits associated with a decision, project, or policy to determine its feasibility or desirability.