A Material Breach of Contract Is Usually Unintentional and Not

question 6

True/False

A material breach of contract is usually unintentional and not substantial.

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Definitions:

Cash Generated

The total amount of money produced by a company through its operational activities in a specific period.

Comprehensive Income

The total change in equity for a business enterprise during a period from transactions and other events from non-owner sources.

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.

Accrued Taxes

Taxes that have been incurred but not yet paid during a given accounting period, representing a liability on the company's balance sheet.