What accounting concepts are reflected by the above two statements?

Consider the following statements:

(i) Users must be able to compare an entity’s results to its results in previous years and to the results of other entities. To ascertain this objective, accounting policies must be applied consistently both within the financial statements and from one period to the next. Users must be informed of any changes of accounting policy or accounting estimate and must be able to see the effects of such changes.

(ii) Financial statements must seek to represent faithfully the transactions which have taken place during the year.

What accounting concepts are reflected by the above two statements?
A . (i) Accruals; (ii) Going concern
B . (i) Materiality; (ii) Comparability
C . (i) Comparability; (ii) Reliability
D . (i) Neutrality; (ii) Comparability

View Answer

Answer: C