A Company Decides to Ignore a Very Small Error in Its

question 150

Multiple Choice

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

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

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Definitions:

Cold Temperature

A condition of the environment in which the thermal reading is low, often resulting in a sensation of being cold and requiring organisms to adapt or seek warmth.

Special Sense

A perception such as sight, hearing, smell, taste, or balance requiring specialized organs.

Unencapsulated Receptors

Sensory receptors not surrounded by connective tissue capsules, detecting changes in their environment.

Meissner's Corpuscles

Sensitive mechanoreceptors located in the papillary layer of the dermis, particularly in areas like the fingertips and lips, responsible for sensitivity to light touch.