Which of the Following Is a Constraint in Accounting

question 118

Multiple Choice

Which of the following is a constraint in accounting?

• A)comparability
• B)cost
• C)faithful representation
• D)timeliness

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Definitions:

Financial Position Form

A statement or report detailing a company's financial standing at a particular point in time, including its assets, liabilities, and equity.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, demonstrating its financial position.

Descriptive Statement

A statement providing detailed information or explanations about a subject to convey understanding or clarify meaning.

Financial Statements

Consolidated reports created from a company's accounting data, including the balance sheet, income statement, and cash flow statement, used to communicate the financial performance and condition of the company.