Generally Accepted Accounting Principles (GAAP)require the Use of Accrual Basis

question 86

True/False

Generally Accepted Accounting Principles (GAAP)require the use of accrual basis of accounting.

---

Definitions:

Scienter

A legal term referring to the knowledge of wrongdoing, particularly in cases of fraud or deceit.

Fraud

The intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Scienter

Knowledge of the wrongful nature of one's actions, particularly in the context of securities fraud.

Antifraud Provisions

Sections within laws or regulations aimed at preventing deceitful practices and protecting parties from fraudulent activities.