A Disclaimer Based on Lack of Knowledge Will Always Protect

question 22

True/False

A disclaimer based on lack of knowledge will always protect an accountant from liability.

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Definitions:

Compounded Monthly

A term referring to the calculation of interest on the initial principal and also on the accumulated interest from previous periods, computed each month.

6.2%

A percentage expressing a portion, often signifying a rate such as an interest rate, growth rate, or efficiency ratio.

2 ½ Years

A time period of two and a half years.

Compounded Annually

The process of adding interest to the principal sum of a loan or deposit once per year, resulting in an increase in the amount of interest earned over time.