Accounting Information Does Not Have to Be Understood by the Average

question 72

True/False

Accounting information does not have to be understood by the average user with a general business background in order to be useful.

---

Definitions:

Elastic

A characteristic of a good or service with a demand or supply that significantly changes in response to price changes.

Buyer

An individual or entity that purchases goods or services for personal use, resale, or to incorporate into the production of other goods.

Tax

An essential monetary charge or dissimilar levy exacted upon a taxpayer by a government sector to facilitate government expenses and diverse expenditures for the public.

Unique

Being the only one of its kind; unlike anything else.