Which of the Following Is True of Contrast Assumption

question 39

Multiple Choice

Which of the following is true of contrast assumption?

• A) It is the assumption that novel terms must refer to something that you already know
• B) It is the assumption that novel terms must refer to unfamiliar objects
• C) It is the assumption that words refer to whole objects and not characteristics of objects
• D) It is the assumption that similar objects must belong to the same category

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Definitions:

Securities and Exchange Commission

A U.S. federal agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing the nation’s stock and options exchanges.

Accounting Principles

Guidelines and rules that govern the accounting and financial reporting practices of businesses, ensuring consistency, reliability, and comparability of financial statements.

Conservatism

An accounting principle that advises caution, directing accountants to choose methods and estimates that are least likely to overstate assets and income.

Fair Value Accounting

An accounting approach that measures and reports assets and liabilities at their estimated market prices.