Asked by Brooke Thompson on May 26, 2024
Verified
Which of the following statements is false?
A) Absent evidence to the contrary,a company is expected to continue operating for the foreseeable future.
B) An item is considered relevant if it has the ability to influence a decision.
C) Information is considered to be faithfully represented when it is complete,neutral,and free from error.
D) Accounting information should be reported in the national monetary unit with adjustment for inflation.
National Monetary Unit
The official currency of a country, used as a medium of exchange and standard of value.
Foreseeable Future
A period during which it is reasonably expected that current conditions will continue or the current plans will not change significantly.
- Uncover and differentiate between the key forms of financial reports.
Verified Answer
KM
Komal mehboobMay 28, 2024
Final Answer :
D
Explanation :
Accounting information should be reported in the national monetary unit but there is no requirement for adjustment for inflation. This statement is false.
Learning Objectives
- Uncover and differentiate between the key forms of financial reports.
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