The General Principle of Etiquette Is To

question 5

Multiple Choice

The general principle of etiquette is to:

• A) avoid vulgarities.
• B) be considerate of others.
• C) respect other people's sensibilities.
• D) avoid being a difficult person.

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Definitions:

Accounting Equation

The fundamental principle of accounting that states Assets = Liabilities + Equity, which must always be in balance for accurate financial reporting.

Net Income

Net income is the total profit of a company after all expenses, including taxes and operational costs, are subtracted from its total revenue.

Total Liabilities

The sum of all financial obligations a company has to external parties, including both short-term and long-term debts.

Accounting Equation

The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).