Accounting Information Is Complete If It Includes All Information Necessary

question 1

True/False

Accounting information is complete if it includes all information necessary to show the economic reality of the transaction.

---

Definitions:

Bilateral

Pertains to agreements or contracts involving two parties where each side is obligated to fulfill certain duties.

Unilateral

An action or agreement in which only one party makes a promise or fulfills a requirement, without requiring a reciprocal action.

Express Agreement

A contract or agreement in which the terms are explicitly stated and agreed upon by all parties involved.

Illegal

Activities or actions that are prohibited by law and subject to penalties.