Which of the Following Concepts States That a Company Must

question 94

Multiple Choice

Which of the following concepts states that a company must perform strictly proper accounting ONLY for significant items?

• A) Accounting conservatism
• B) Materiality concept
• C) Disclosure principle
• D) Consistency principle

---

Definitions:

Manhattan Island

An island at the mouth of the Hudson River in New York City; historically significant as the founding location of New York.

Permanent Settlement

A term often associated with the agreement made by the British with landlords in colonial India, fixing revenues to be raised from land, making the landlords intermediaries between the farmers and the colonial government.

Bahamas

An archipelago situated in the Atlantic Ocean, known for its picturesque beaches, clear waters, and vibrant culture; a sovereign country.

1492

The year notable for Christopher Columbus's first voyage to the Americas, marking the beginning of European exploration and colonization.