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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
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.
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