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Question
During the financial year the plant of the company remained shut down due to major fault leading to stoppage of production for three months.The Accountant is keen to disclose this fact by way of notes to the accounts. He is guided by the concept of
During the financial year the plant of the company remained shut down due to major fault leading to stoppage of production for three months.The Accountant is keen to disclose this fact by way of notes to the accounts. He is guided by the concept of
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Solution
The correct option is D Disclosure
The concept of Disclosure states that only those matter should be disclosed in the financial which may change the decision making of the users of the financial statement. Therefore, Only material transactions are to be disclosed as per this concept.
The concept of Disclosure states that only those matter should be disclosed in the financial which may change the decision making of the users of the financial statement. Therefore, Only material transactions are to be disclosed as per this concept.
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