A Concept or Principle That Relates to Transactions Is

question 47

Multiple Choice

A concept or principle that relates to transactions is:

• A)materiality.
• B)full disclosure.
• C)original cost.
• D)consistency.

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Definitions:

Nature of Risk

The inherent features and characteristics of risk, including its potential to lead to negative outcomes or loss.

Conflagration Insurance

Insurance coverage designed to protect against losses from large and intensive fires that consume a wide area and a large amount of property.

Property Damage

Harm or destruction that affects the value or use of physical property.

Personal Injuries

Physical or emotional harm caused to an individual, often leading to legal action in order to receive compensation.