Professional Judgement Is Based on Criteria That Include Certain Characteristics

question 14

Multiple Choice

Professional judgement is based on criteria that include certain characteristics of accounting.Which of the following is not one of these characteristics?

• A)Timeliness
• B)Relevance
• C)Efficiency
• D)Verifiability

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Definitions:

Economic Duress

A situation where a person or entity is forced to enter into an agreement or transaction due to financial pressure or threats.

Disproportionately Small

Referring to an amount or share that is significantly less than what is considered fair or equal in comparison to others.

Opinion Statements

Expressions that communicate personal beliefs, views, or evaluations, rather than objective facts.

Material Representations

Statements or assertions of fact that significantly influence the decision-making of another party in a legal agreement.