ACCOUNTING TEST 04
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materiality principle
accountants must use gaaps except when doing so would be prohibitively expensive, difficult and would make little significant difference in the final reported results of the business
consistency principle
accountants should apply the same methods and procedures from period to period and when changes are made they must be explained clearly on the financial statements; allows for comparability from period to period
full disclosure principle
any and all information that affects the full understanding of a company's financial statements must be included with the financial statements