______ Can Be Thought of as the "How" in the Definition

question 53

Short Answer

______ can be thought of as the "how" in the definition "who gets what,and how." They are directives that determine how resources are allocated,and they determine how we try to get the things we want.

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Definitions:

Act of Nature

Natural events outside of human control, such as earthquakes, floods, or hurricanes, that can cause damage or affect contracts and liabilities.

Fair Value

An estimate of the market value of an asset or liability, based on current prices in an orderly transaction between market participants.

Book Value

Book value is the value of an asset according to its balance sheet account balance, taking into account the cost of the asset minus any depreciation, amortization, or impairment costs.

Loss on Disposal

An expense recorded when an asset is sold for less than its carrying amount on the balance sheet.