Any misinformation provided by an applicant which is such that the insurance company would not have issued a policy if the true facts were known is:

Under the first-in, first-out (FIFO) method, the current period equivalent units of production for the units in the beginning inventory are always 100% complete

Indicate whether the statement is true or false

A company that has a ____ provides full and transparent information that will not confuse or mislead users of the financial statements

Fill in the blank(s) with the appropriate word(s).