A Contract Is an Agreement Between Two or More Parties

question 20

True/False

A Contract is an agreement between two or more parties for which if there is a breach of the agreement a court can determine a remedy

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Definitions:

Financial Accounting Standards

Rules and guidelines developed by authoritative entities to govern how financial statements should be prepared and presented.

IASB

The International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

AICPA

The American Institute of Certified Public Accountants, a professional organization for certified public accountants in the United States.

SEC

Stands for the Securities and Exchange Commission, a U.S. government agency responsible for regulating the securities markets and protecting investors.