The Subtotal Net Assets Is Used in

question 55

Multiple Choice

The subtotal net assets is used in

• A) both GAAP and IFRS.
• B) GAAP but not IFRS.
• C) IFRS but not GAAP.
• D) neither IFRS nor GAAP.

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Definitions:

Tort Liability

A legal responsibility arising from civil wrongs not based on contractual obligations, causing harm or loss to another person or entity, leading to potential compensation for damages.

Public Policy

Principles and standards considered by a government to be beneficial for the community and used as a guide for the development of laws.

Substantive Unconscionability

A legal principle in contract law that allows courts to refuse to enforce a contract or clause deemed grossly unfair or one-sided.

Unconscionability

Refers to a contract or clause that is so unfair to one of the parties that it is voidable on the ground of inequity.