Please Define the Following Key Terms

question 123

Short Answer

Please define the following key terms
-orisas

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Definitions:

Reliability

In accounting, it refers to the accuracy and consistency of financial reporting, ensuring that information faithfully represents the entity's financial condition.

Materiality Constraint

An accounting principle that permits ignoring rules following the generally accepted accounting principles (GAAP) if the impact of adhering to them is so insignificant that it would not affect the decision-making process of someone reading the financial statements.

Unusual Gain

Gains that are not expected to recur frequently or regularly, arising from events not considered part of the ordinary activities of a business.

Annual Report

A comprehensive report on a company's activities, financial performance, and strategy, provided annually to shareholders and the public.