GAAP Refer to the Set of Accounting Rules for International

question 113

True/False

GAAP refer to the set of accounting rules for international accounting.

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Definitions:

Novation

The process of replacing an existing obligation with a new one, effectively transferring the rights and duties to another party.

Breach of Contract

The act of not executing any part of a contract, either written or oral, lacking a legitimate legal rationale.

Non Est Factum

A legal defense claiming a person signed a document without understanding its nature due to a fundamental mistake.

Duress

A situation where a person is forced or compelled to act against their will or to enter into a contract due to threats, violence, or other pressure.