Match the terms with the definitions.
a. Full-disclosure
b. Materiality
c. Consistency
d. Conservatism
____ 1. A company must perform strictly proper accounting only for items that are significant to the business’s financial statements.
____ 2. Reporting the least favorable figures in the financial statements.
____ 3. A business’s financial statements must report enough information for users to make knowledgeable decisions about the company.
____ 4. A business should use the same accounting methods and procedures from period to period.