Which concept covers the requirement to adhere to the format of Financial Statements?

Matching

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Full Disclosure

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Consistency

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Format concept

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Solution

The correct option is B
Full Disclosure

Full disclosure concept deals with adherence to the format laid down by the Government. The take away from this concept is that the books of account need to give a full, fair and adequate disclosure of accounting information so that interested users can make good decisions.

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Similar questions

Companies Act or SEBI(Government) has laid down a format for making financial statements. Which concept covers this?

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