During a major renovation project of its head office, a worker was seriously injured.While the company believes that it was not at fault, it does include the incident in the notes to its financial statements.This is consistent with which of the following principles:
A)Economic entity
B)Control
C)Full disclosure
D)Periodicity

Question

Quizplus · Accepted Answer

The principle of full disclosure requires companies to include all material information in their financial statements, including any incidents or events that may impact the company's financial position or overall performance. In this case, the serious injury of a worker during a major renovation project at the company's head office would be considered material information and should be disclosed in the notes to the financial statements to provide relevant information to users.

During a Major Renovation Project of Its Head Office, a Worker