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______________ is the complex framework of societal institutions (such as the economy,politics,and religion) and the social practices (such as rules and social roles) that make up a society and that organize and establish limits on people's behavior.
Sarbanes-Oxley Act
A U.S. federal law that aimed to protect investors by making corporate disclosures more reliable and accurate, enacted in response to financial scandals.
Monetary Unit Assumption
An accounting principle stating that transactions and events can be expressed in monetary units for recording and reporting.
Presumption
An assumption made based on the general experience or probability without specific evidence or proof.
Time Period Assumption
The accounting principle that allows the life of a company to be divided into time periods, such as months or years, for reporting purposes.
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