Which of the Following Are Influences on the Nature of Accounting

question 4

Multiple Choice

Which of the following are influences on the nature of accounting practice in different countries?

• A) Accidents in history, such as stock market crashes
• B) Strength of the accounting profession
• C) Religion
• D) All of the given options are correct

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Definitions:

Onerous Contract

A contract where the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.

Unavoidable Costs

Costs that cannot be eliminated, reduced, or postponed, and must be incurred regardless of specific business decisions or changes in operations.

Present Value Method

A technique used to determine the present value of future cash flows or income streams to evaluate investment projects or financial products.

Net Market Value

The amount that could be obtained from selling an asset in the market after deducting any selling costs or liabilities.