Which of the Following Statements Is Correct in Relation to the Assumptions

Multiple Choice

Which of the following statements is correct in relation to the assumptions to be made when preparing financial reports?

A) The conceptual framework requires that several assumptions be made when preparing financial reports
B) There are no assumptions to be made when preparing financial reports
C) There is one underlying assumption which is that financial reports are prepared on a going concern basis
D) There is an assumption that more information is better than less