Which of the following statements is false with respect to the qualitative characteristics of useful accounting information?
A)Comparability is concerned with different companies using the same accounting methods; whereas, consistency is concerned with a single company using the same accounting methods over time.
B)Trade-offs are often necessary in evaluating relevant versus reliable information.
C)All external and internal events must be fully disclosed in the accounting system.
D)The full disclosure policy should be followed in all situations that would made a difference to financial statement users.

Question

Quizplus · Accepted Answer

While disclosure is important, not all external and internal events need to be fully disclosed in the accounting system. Only events that are material or relevant to users of the financial statements need to be disclosed.

Which of the Following Statements Is False with Respect to the Qualitative