Which of the Following Would Be Considered a Political Factor

question 61

Multiple Choice

Which of the following would be considered a political factor relative to the financial accounting policy function?

• A)Auditors
• B)Inflation
• C)Taxes
• D)Price changes

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Definitions:

Standing to Sue

The legal right of an individual or entity to file a lawsuit, based on having a sufficient connection to and harm from the law or action challenged.

Privity of Contract

Privity of contract is a legal principle that only those parties who have entered into a contract have the right to sue to enforce their rights or claim damages under that contract.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be legally enforceable, such as those involving real estate or contracts that cannot be performed within a year.

Public Policy

Guidelines and principles that reflect the societal norms and beliefs influencing laws and government actions.