How effective a public relations department is depends on the level of access it has to management

The constraint of conservatism is best expressed as:

a. the cost of applying an accounting principle should not exceed its benefit. b. only material items should be recorded and reported. c. when in doubt, choose the method that will least likely overstate assets and net income. d. the lower-of-cost-or-market method should be used for inventories.

Disclosure of a related-party transaction must include an evaluation of the fairness of the transaction's terms

Indicate whether the statement is true or false.