Explain
any two of the following accounting conventions:
(1)Full Disclosure
(2) Consistency
(3) Conservatism
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Full disclosure is the U.S. Securities and Exchange Commission's (SEC) requirement that publicly traded companies release and provide for the free exchange of all material facts that are relevant to their ongoing business operations.
Definition of consistency. : the quality or fact of staying the same at different times especially : the quality or fact of being good each time. : the quality or fact of having parts that agree with each other. : the quality of being thick, firm, smooth, etc.
Conservatism is a political and social philosophy promoting traditional social institutions. The central tenets of conservatism may vary in relation to the traditional values or practices of the culture and civilization in which it appears.
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