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NEW QUESTION: 1
For this question, select the answer choice containing the terms that correctly complete blanks A and B in the paragraph below. The FASB mandates that accounting information must exhibit certain qualitative characteristics. One of these characteristics is ________A________, which means that a company's financial statements use the same accounting policies and procedures from one accounting period to the next, unless there is a sound reason for changing a policy or procedure. Another characteristic is
_________B________, which requires a company to disclose in its financial statements all significant financial information about the company.
A. A = reliability
B = materiality
B. A = reliability
B = comparability
C. A = consistency
B = materiality
D. A = consistency
B = comparability
Answer: C