Which of the Following Statements Is NOT True About Anglo-Saxon

question 7

Multiple Choice

Which of the following statements is NOT true about Anglo-Saxon Accounting?

• A) There is a strong reliance on professional judgment.
• B) There is an agreement on the interpretation of the principle of fair presentation.
• C) There is a stronger emphasis on substance of reports rather than the form of reports.
• D) Audits report on the adherence to the principle of fair presentation.

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Definitions:

Database

A systematic collection of data, organized so that it can easily be accessed, managed, and updated.

Trademark

A recognizable sign, design, or expression that identifies products or services of a particular source from those of others.

Equity in Subsidiary Earnings

The share of income from a subsidiary that is reflected in the parent company's income statement.

Consolidated Financial Statements

Consolidated financial statements are a comprehensive reporting of a parent company’s financial activities, including its subsidiaries, presenting it as a single economic entity.