Which Statement Best Explains the Qualitative Characteristic of "Completeness

question 2

Multiple Choice

Which statement best explains the qualitative characteristic of "completeness"?

• A)Financial statements should represent the underlying transactions, assets and liabilities.
• B)Omission of financial information that would influence a user's economic decision.
• C)Financial information should not contain errors or bias.
• D)Financial statements should not omit material items or transactions.

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Definitions:

Political Community

A group of people with a collective identity based on shared government, political institutions, or beliefs.

Naturalization Laws

Regulations governing the process through which a foreign citizen or national can acquire citizenship or nationality in another country after fulfilling specific requirements.

Free Whites

A demographic classification used in historical contexts, especially in the United States, referring to individuals who were not enslaved and identified as white by society or law.

European Ancestry

Individuals or populations tracing their descent or lineage back to the various countries and ethnic groups in Europe.