The Relevance of Accounting Information Is Also an Indication of Its

question 26

True/False

The relevance of accounting information is also an indication of its faithful representation.

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Definitions:

Stare Decisis

A legal principle that dictates that courts should follow the precedents set in previous legal decisions.

Doctrine of Precedent

A legal principle whereby previous judicial decisions influence or control the ruling on similar future cases.

Substantive Law

The set of laws that governs the rights and duties of people within society, as opposed to procedural law which dictates how those rights and duties are enforced.

Principles of Equity

The set of legal principles that guide courts in deciding cases fairly when common law principles are insufficient or inadequate.