The Principle That Accountants Do Not Have to Account for Every

question 70

Multiple Choice

The principle that accountants do not have to account for every last item in strict accordance with the accounting rules is known as the:

• A)relevance principle.
• B)cost principle.
• C)materiality principle.
• D)going-concern principle.

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Definitions:

Endocrine Glands

Glands of the endocrine system that secrete their products, hormones, directly into the blood rather than through a duct.

Major Hormones

Hormones that have significant roles in the regulation of various physiological processes, including growth, metabolism, and reproductive function.

Insulin

An agent created by the pancreas that oversees the maintenance of blood glucose levels, helping tissues to take in glucose.

Adipose Tissue

A type of connective tissue that stores fat and serves as a source of energy, insulation, and cushioning for the body.