Which of the following is a key additional component of the U.K.'s true and fair view?
A)Professional judgment
B)Prudence
C)Historical cost
D)Loss bias

Question

Quizplus · Accepted Answer

Professional judgment is a key additional component of the U.K.'s true and fair view. It allows for flexibility in financial reporting and helps ensure that the financial statements reflect the economic substance of the transactions they are reporting. Prudence, historical cost, and loss bias are all important accounting concepts, but they are not key components of the U.K.'s true and fair view.

Which of the Following Is a Key Additional Component of the U.K.'s