Accounting Is Based on Man-Made Rules That Sometimes Undergo Change

question 18

True/False

Accounting is based on man-made rules that sometimes undergo change.

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Definitions:

Promisor

The person or party who makes a promise or agrees to perform an action or fulfill an obligation under a contract.

Promisee

The individual or entity to whom a promise or commitment is made, typically in a contractual agreement.

Benefiting Party

An individual or group that receives advantages or profits from a particular action or agreement.

Donee Beneficiary

A third party that benefits from a contract between two other parties, especially in a gift or donation context.