Which of the Following Statements Is Not True

question 123

Multiple Choice

Which of the following statements is not true?

• A) Consistency means using the same accounting principles from year to year within a company.
• B) Faithful representation is the quality of information that gives assurance that all amounts reported are known with certainty.
• C) Relevant accounting information must be capable of making a difference in a decision.
• D) Accounting standards for private entities have four principal qualitative characteristics.

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Definitions:

Nominal Group Technique

A structured brainstorming method for group decision-making that involves individuals generating ideas independently before sharing them collectively for consideration.

Single Thought Pattern

The tendency of an individual or group to focus on one particular idea or perspective, often to the exclusion of alternative viewpoints.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.

Overt Judgments

Explicit and open evaluations or decisions about someone or something.