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Companies following the full disclosure principle:

a) Should report all information related to the entity's business and operating objectives.

b) Should report financial facts of sufficient importance to influence the judgment and decisions of an informed user.

c) Should provide information about each account balance in the notes to the financial statements.

d) May use the cash-basis of accounting in the financial statements, as long as accrual-basis amounts are disclosed in the notes to the financial statements.

Accounting Basics, Accounting

  • Category:- Accounting Basics
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