Identify the Property Illustrated by the Statement

question 241

Multiple Choice

Identify the property illustrated by the statement.
-(2 + 6) + 7 = (6 + 2) + 7

• A)Associative property
• B)Addition property
• C)Commutative property
• D)Distributive property

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Definitions:

Immaterial Errors

Small mistakes in financial statements that are not significant enough to impact users' decisions, hence not requiring correction for fair presentation.

Bottom Line Earnings

Bottom line earnings refer to a company’s net earnings or net income, representing the "bottom line" of the income statement, indicating profit after all expenses have been deducted.

Revenue Recognition

The principle that determines the specific conditions under which revenue is recognized or accounted for.

SEC

The Securities and Exchange Commission, a U.S. government agency responsible for regulating and enforcing federal securities laws.