List (A)one Advantage of a Performance Provision of the Code

question 9

Essay

List (a)one advantage of a performance provision of the code over a prescriptive provision, and (b)one advantage of a prescriptive provision of the code over a performance provision.

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Definitions:

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.

Assets

Resources owned by a business or individual, which have economic value and can provide future benefits, such as cash, inventory, and property.

Liabilities

Financial obligations or debts a company or individual owes to others, which must be settled over time.

Federal Tax Requirements

The obligations set by the federal government regarding the filing and payment of taxes by individuals, businesses, and other entities.