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Which of the Following Is Not an Underlying Principle of Accrual

question 175

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Which of the following is not an underlying principle of accrual accounting?


Definitions:

Mutual Mistake

A misunderstanding among all parties involved in a contract, making the contract potentially voidable.

Basic Assumption

An underlying assumption that is accepted as true without proof as the basis for argument or action.

Avoided Contract

A contract that has been declared null and void, often due to legal deficiencies or mutual agreement.

Identity, Existence

The concept or fact of being the same entity as described or claimed, often used in legal contexts to determine the authenticity or truthfulness of a person or entity.

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