A Company Decides to Ignore a Very Small Error in Their

question 111

Multiple Choice

A company decides to ignore a very small error in their inventory balance. This is an example of application of the:

• A)accounting conservatism.
• B)materiality concept.
• C)disclosure principle.
• D)consistency principle.

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Definitions:

Arthur Jensen

A psychologist known for his work in the study of intelligence and his controversial views on the influences of race on intelligence.

Philippe Rushton

A controversial psychologist known for his research on race, intelligence, and genetic heritability.

Genetic Factors

Genetic factors involve the roles that genes play in determining physical and psychological traits, including susceptibility to certain diseases or conditions.

IQ

A measure of a person's intelligence as indicated by an intelligence test, reflecting cognitive abilities relative to the average for one's age.