Provide a Definition for Each of the Following Accounting Principles

question 74

Essay

Provide a definition for each of the following accounting principles.
$$\begin{array} { | l | l | } \hline \text { Accounting Principle } & \text { Definition } \\\hline \text { Disclosure } & \\\hline \text { Materiality Concept } & \\\hline\end{array}$$

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Definitions:

Cartel

An association of manufacturers or suppliers agreed upon restricting competition and controlling prices within a particular industry, often to maximize collective profits.

Cheat

The act of acting dishonestly or unfairly in order to gain an advantage, especially in a game, examination, or competition.

Collusion

A secret or illicit cooperation or conspiracy, especially between parties to deceive or defraud others, often used in the context of businesses agreeing on prices.

Marginal Cost

The expenditure involved in the production of one more unit of a product or service.