Examlex
Which of the following conditions is not a requirement by the SEC for the recognition of revenue?
Equity
Equity refers to fairness or justice in the way people are treated and involves ensuring equal opportunities and rights for all individuals.
Benefits Principle
A theory in taxation where taxes are apportioned according to the benefits received by taxpayers; those who benefit more from government services, pay more taxes.
Federal Government
The national government of a federal country, which holds the authority over matters that affect the country as a whole.
Horizontal Equity
The principle that individuals with similar incomes or circumstances should be taxed at the same rate.
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