Which Accounting Convention Requires a Note to the Financial Statements

question 17

Multiple Choice

Which accounting convention requires a note to the financial statements explaining the company's method of revenue recognition?

• A)Comparability and consistency
• B)Materiality
• C)Conservatism
• D)Full disclosure

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Definitions:

Percent

A way of expressing a number as a fraction of 100, symbolized by the percent sign "%."

Amphetamine Use

The ingestion of amphetamines, a type of stimulant drug, that affects the central nervous system and is used medically for certain conditions but often misused.

Bodily Function

The operations and activities performed by organs and systems of the body to maintain life and health.

Improved Memory

The enhancement or development of one's ability to store and recall information.