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

Question

Quizplus · Accepted Answer

Comparability means using consistent accounting principles from year to year within a company, not different principles. Using different principles would make it difficult for users to compare financial statements over time.

Which of the Following Statements Is Not True