beautifulnation4859 beautifulnation4859

21-09-2019
Business

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Which of the following statements is INCORRECT? A : Faithful representation results when different companies use the same accounting principles and methods. B : An item is material when its size makes it likely to influence the decision of an investor or creditor. C : The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. D : Faithful representation means that information is complete, unbiased, and free of error.

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agustinsr99 agustinsr99

27-09-2019

Answer: A : Faithful representation results when different companies use the same accounting principles and methods. Is INCORRECT.

Explanation: All statements are correct except for A because Faithful representation means that information is complete, unbiased, and free of error regardless of the accounting methods used. Faithful representation means that the numbers reflect reality.

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