Which of the Following Is Not One of DR Scott's

question 1

Multiple Choice

Which of the following is not one of DR Scott's hierarchy of accounting postulates and principles?

• A) Orientation postulate.
• B) The principles of truth and fairness.
• C) The materiality principle
• D) The principles of adaptability and consistency.

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Definitions:

Transferred Out

Costs or materials moved from one department, process, or location to another in the course of manufacturing or accounting.

Effectiveness Measure

An evaluation metric to assess the degree to which objectives or goals are achieved, often used in performance management.

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully equivalent completed units.

Physical Units

A measure used in manufacturing and production to count the actual units produced, irrespective of the production stage.