The equation that describes the relationship between the balance sheet and the income statement through the Retained Earnings account is as follows: Retained Earnings (beginning) + Net Income - Dividends = Retained Earnings (ending)

The goal of reporting realistic figures and never overstating assets or net income applies to the ________

A) conservatism principle B) materiality concept C) disclosure principle D) consistency principle

Which of the following statements regarding consumer rights is NOT correct?

A) Consumers may dispute information in their reports. B) Reporting agencies may not delete information in reports when proved incorrect. C) Insurers may use consumer reports as additional underwriting information. D) Reporting agencies may reinvestigate disputed information. "