Which of the following statements is not true?
A)Comparability means using different accounting principles from year to year within a company.
B)Faithful representation means information must be neutral, complete, and free from material error.
C)Relevant accounting information must be capable of making a difference in a user's decision.
D)For accounting information to be relevant, it must have timeliness.

Question

Quizplus · Accepted Answer

Comparability means using the same accounting principles from year to year within a company to ensure consistency and facilitate comparison of financial information over time. Using different accounting principles would result in inconsistency and a lack of comparability.

Which of the Following Statements Is Not True