Identify the Following Terms

question 94

Short Answer

Identify the following terms.
-Timbuktu

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when compiling their financial statements in the U.S.

Duty of Care

A legal obligation imposed on an individual requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others.

Justifiable Reliance

Justifiable reliance is a legal concept where a party makes a decision based on another party's representation or promise, considering the decision reasonable under the circumstances.

Commits Fraud

The act of intentionally deceiving someone in order to gain an unauthorized benefit or harm another person.