I need to answer one question and write 700 words for the rest. Please see attachment for more details. Thank you.

Write a 700-word paper addressing the following: Answer Question 2 in Ch. 24 of Intermediate Accounting. What is the full disclosure principle in accounting? Why has disclosure increased substantially in the last 10 years? Explain the need for full disclosure in financial reporting. Identify possible consequences of failing to properly disclose certain items in financial statements