According to Generally Accepted Accounting Principles,which of the Following Is

question 198

Multiple Choice

According to Generally Accepted Accounting Principles,which of the following is not a characteristic of useful financial information?

• A)Comparable
• B)Verifiable
• C)Timely
• D)Ethical

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Definitions:

Tort Remedies

Legal solutions provided to victims of torts, including compensation for losses, injunctions, and restitution aimed at rectifying harm.

Contract Remedies

Legal actions or compensation methods available to enforce, rectify, or compensate for the breach of a contract.

Express Agency

A principal-agent relationship formed by explicit written or oral agreement between the agent and the principal.

Implied Authority

Authority of an agent that is not explicitly stated but is deemed necessary to carry out express authority.