Presentation and Disclosure Are Important Because Acceptable Financial Reporting Frameworks

question 43

Multiple Choice

Presentation and disclosure are important because acceptable financial reporting frameworks require that footnotes adequately describe the terms of notes payable outstanding and the assets pledged as collateral for the loans.Which assertion does this relate to?

• A)valuation
• B)existence
• C)completeness
• D)understandability

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Definitions:

Abolition of Slavery

The legal prohibition and ending of slavery, which officially occurred in various societies at different times.

Sociological Positivism

A philosophical approach within sociology emphasizing the use of empirical evidence and scientific methods to study and understand society.

Scientific Method

A systematic approach to research and experimentation that involves observation, hypothesis formation, experimentation, and conclusions to test scientific theories.

Sociology

The study of the development, structure, and functioning of human society.