A Company Decides to Ignore a Very Small Error in Their

question 48

Multiple Choice

A company decides to ignore a very small error in their inventory balance.This is an example of which of the following principles?

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

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Definitions:

Opponents

Individuals or groups who oppose or contest certain ideas, policies, or actions, often presenting counterarguments or alternative perspectives.

Deliver Results

The expectation or obligation to produce outcomes that meet or exceed predetermined objectives or benchmarks.

Urban Districts

Areas within a city characterized by distinct administrative or geographical boundaries, often with specific local governance structures.

Republicans

Members or supporters of the Republican Party in the United States, one of the two major political parties, traditionally emphasizing conservative policies.