All of the Following Are Characteristics of Accounting Information Except

question 174

Multiple Choice

All of the following are characteristics of accounting information except

• A) faithful representation.
• B) comparability.
• C) relevance.
• D) flexibility.

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Definitions:

Unjust Enrichment

A legal principle that prohibits one person from being enriched at the expense of another in situations where the law demands restitution.

Contract

A legally binding agreement between two or more parties that outlines the terms and conditions of their arrangement and obligates them to comply with those terms.

Promises

Commitments or assurances by one party to another that certain actions will or will not be undertaken.

Covenant Not to Compete

an agreement often found in employment contracts restricting an employee's ability to work in similar employment or start a competitive business within a specific time frame and geographical area after leaving a job.