Examlex
Which of the following statements is TRUE?
Materiality
A principle that dictates that all significant information that could influence the decision-making process of users of financial statements should be disclosed.
Fair Value
The estimated market value of an asset or liability, based on current prices in an open market.
Financial Statements
Formal records that outline the financial activities and condition of a business, including balance sheets, income statements, and cash flow statements.
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