The Objectivity Principle

question 236

Multiple Choice

The objectivity principle:

• A)Means that information is supported by independent,unbiased evidence.
• B)Means that information can be based on what the preparer thinks is true.
• C)Means that financial statement should contain information that is optimistic.
• D)Means that a business may not recognize revenue until cash is received.
• E)Means the assets acquired must be recorded at what the company paid for them.

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Definitions:

Steep Gradients

Areas of land with a sharp incline or slope, often leading to faster water flow and potential erosion.

Bedrock Canyons

Bedrock canyons are deep, narrow valleys with steep sides, carved into bedrock by the erosive action of flowing water over geological time periods.

Unconfined Channels

Natural river channels that are not constrained by man-made structures and are free to change course and flood.

Fraser River

A major river in British Columbia, Canada, known for its salmon runs and importance to the local ecosystem.