Application of the Full Disclosure Principle

question 140

Multiple Choice

Application of the full disclosure principle

• A)is theoretically desirable but not practical because the costs of complete disclosure
• Exceed the benefits.
• B)is violated when important financial information is buried in the notes to the financial
• Statements.
• C)is demonstrated by the inclusion of information such as information about contingencies.
• D)requires that the financial statements be consistent and comparable.

---

Definitions:

Mare

A dark, low-lying, relatively smooth area on the Moon consisting of basalt.

Lunar Highlands

Rough, mountainous regions on the moon's surface, characterized by their lighter color and higher altitude than the lunar maria.

Mare

Latin for "sea," often used to describe the large, dark basaltic plains on the Moon, formed by ancient volcanic eruptions.

Lunar Highlands

Elevated, mountainous regions on the moon's surface, characterized by high albedo, heavy cratering, and made predominantly of anorthosite.