Accounting: Which of the following statements accurately describes the role of Materiality and Consistency principles in ensuring comparability and reliability of financial information across reporting periods?

A$)$ Materiality ensures that all financial information is presented consistently across different reporting periods.

B$)$ Consistency principle ensures that only material financial information is disclosed in financial statements.

C$)$ Materiality principle guides the determination of what financial information should be disclosed based on its significance to users.

D$)$ Consistency principle dictates that financial information should be presented in the same format across different industries.