Question

9. According to which principle of accounting,all significant information relating to the economic affairs should be reported *

2 points

Principle of full disclosure

Matching concept

Conservatism

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Answer 1

Answer:

Full Disclosure Principle:

According to this principle, apart from legal requirements all significant and material information relating to the economic affairs of the entity should be completely disclosed in its financial statement and accompanying footnotes.

Disclosure of material information will result in better understanding of users, so, they take good and sound decision from the information. E.g. footnotes such as :

Contingent liabilities in respect to a claim of a very big amount against the business are pending in a court of law.

Change in the method of providing depreciation.

Market value of investment.

Disclosure of all material facts is compulsory but is does not imply that even those figures which are irrelevant are to be included in financial statements

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Answer 2

Answer:

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