The Principle of 'Stewardship' Means That the Main Focus of Accounting

question 7

Multiple Choice

The principle of 'stewardship' means that the main focus of accounting is on providing information to:

• A)employees.
• B)shareholders.
• C)accounts payable.
• D)none of the above.

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Definitions:

Frustrated Contracts Act

Legislation that addresses situations where a contract, through no fault of the parties involved, cannot be fulfilled.

Deposit

Money prepaid with the provision that the funds are to be forfeited in the event of a breach of contract.

Condition Subsequent

A condition in a contract that, when occurring, can terminate the contract or alter its terms.

Ended by Agreement

A situation where the parties involved decide to terminate a contract or agreement through mutual consent.