Question

The auditor noticed that the financial statements of Meta Company were missing some footnotes important for users for decision making. This action of the management is a violation of

Materiality concept

Economic entity concept

Full disclosure concept

Accounting information concept

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Answer 1

Answer:

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Answer 2

Answer:

Concept-

Full disclosure concept says that all the necessary information should be revealed to the users of accounting information, however small it is.

Solution-

When the auditor noticed that the financial statements of Meta Company were missing some footnotes important for users for decision making. This action of the management is a violation of Full Disclosure Concept.