The Accounting Guideline Prescribing That Financial Statement Information Be Supported

question 135

Multiple Choice

The accounting guideline prescribing that financial statement information be supported by independent,unbiased evidence other than someone's belief or opinion is the:

• A)Business entity principle
• B)Monetary unit principle
• C)Going-concern principle
• D)Objectivity principle
• E)Full disclosure principle

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Definitions:

Performance Results

The outcomes or outputs produced by an individual, team, or organization, measured against intended goals or standards.

Effective Control

The process of ensuring that organizational activities are proceeding as planned and correcting any significant deviations.

Measurement of Results

The process of quantitatively and qualitatively assessing the outcomes of an action or event, to determine the extent to which objectives and goals have been achieved.

Market Controls

Mechanisms that regulate the behavior and operation of market participants, typically through laws and regulations.