Which of the Following Is Likely to Be an Advantage

question 46

Multiple Choice

Which of the following is likely to be an advantage of the advancement of technology on financial reporting?

• A) Users of financial information will have access to more information.
• B) The quality and reliability of the information may be compromised.
• C) Equal and fair access may be at issue.
• D) Internet reporting will increase costs.

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Definitions:

Forbearance

The act of refraining from enforcing a right, obligation, or debt, often temporarily and under specific conditions.

Accord and Satisfaction

A legal agreement where a dispute is settled by the parties involved, and a payment is made that is accepted as full resolution.

Bankruptcy

A legal process for individuals or entities that cannot repay their outstanding debts, allowing for their assets to be distributed among creditors.

Promissory Estoppel

A legal principle preventing a party from backing out of a promise made, when the other party has relied on that promise to their detriment.