All of the Following Statements Are Correct Except

question 221

Multiple Choice

All of the following statements are correct except

• A) Good decision-making depends on good information.
• B) A vital element in communicating economic events is the accountant's ability to analyze and interpret reported information.
• C) The origins of accounting are generally attributed to Socrates, a classical Greek philosopher, who promoted accounting as a social contract.
• D) The information that a user of financial information needs depends upon the kinds of decisions the user makes.

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Definitions:

Creditor

An individual or institution to whom money is owed by a debtor or borrower.

Enforce a Lien

The legal process by which a creditor seeks to claim possession of a debtor's property to satisfy a debt.

Deficient Work

Work that fails to meet the required standards or contractual obligations.

Possessory Lien

The right of a person or entity to retain possession of a property belonging to another until a debt owed by the property owner is paid.