The Objectivity Concept Requires That

question 74

Multiple Choice

The objectivity concept requires that

• A) business transactions must be consistent with the objectives of the entity
• B) the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards
• C) accounting principles must meet the objectives of the Security and Exchange Commission
• D) amounts recorded in the financial statements must be based on independently verifiable evidence

Identify and understand the stages of cognitive development as conceptualized by Jean Piaget.

Recognize patterns of physical growth and developmental milestones in children.

Understand the influence of puberty on physical growth and how it affects height.

Describe moral development stages in children and how these stages influence behavior.

---

Definitions:

Financial Statement Item

Any line item or component that appears in financial statements, such as balance sheet, income statement, or cash flow statement, representing a company's financial position or performance.

Unreliable

Not able to be trusted or depended upon for accuracy or truthfulness.

Firm's Shares

Equity securities issued by a company, representing ownership in the firm and entitling holders to dividends and voting rights.

Creditors

People or organizations that provide loans or credit to others with the anticipation of receiving payment back later on.