Answer
The correct choice is C
Work Step by Step
FASB fallows some key assumptions and while framing accounting
standards. One of which is the full disclosure principle and
others are monetary unit, economic entity period, going concern assumption and cost principle.
Choice A is incorrect because cost principle that all assets be
reported at their cost.
Choice B is incorrect because monetary unit assumption requires the
reporting of only those events that can be measured in dollars
only.
Choice D is incorrect because an unqualified opinion on the
financial statements gives an assurance that these statements are
prepared according to the various standards prescribed by the GAAP
