Select all of the true statements. 1) Full disclosure principle requires that companies must disclose all circumstances and events that may affect decisions made by investors and other users. 2) In order for information to be relevenat, it must be reported on a monthly basis. 3) The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments. 4) The conomic entity assumption states that assets should be recorded at their cost. 5) Materiality relates to whether an item is large enough to likely influence the decision of an investor or creditor.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Select all of the true statements. 1) Full disclosure principle requires that companies must disclose all circumstances and events that may affect decisions made by investors and other users. 2) In order for information to be relevenat, it must be reported on a monthly basis. 3) The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments. 4) The conomic entity assumption states that assets should be recorded at their cost. 5) Materiality relates to whether an item is large enough to likely influence the decision of an investor or creditor.

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