Relevance and Cost Are Two Constraints in Accounting

question 150

True/False

Relevance and cost are two constraints in accounting.

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Definitions:

Duty Of Obedience

An obligation to act in accordance with the directives or policies of an organization, typically refers to nonprofit boards or similar entities.

Personally Liable

The responsibility of an individual to fulfill debt or obligations from their own assets, rather than those of a corporation or entity.

Gross Returns

The total return on an investment before any deductions are made for costs or fees.

Written Agreement

A formalized record of a contract or arrangement between parties, documented in written form.