The Set of Standards,assumptions,and Concepts That Form the "Ground Rules

question 89

Multiple Choice

The set of standards,assumptions,and concepts that form the "ground rules" for financial reporting in the United States is termed:

• A)The conceptual framework.
• B)Generally accepted accounting principles.
• C)Statements of Financial Accounting Concepts.
• D)American standards for certified public accountants.

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Definitions:

Contract Void

A contract void is a contract that is deemed legally nonexistent and unenforceable from the outset, due to illegality or other serious defects.

Undue Influence

Undue influence is a legal concept where an individual is able to persuade another's decisions due to the relationship between the two, often leading to an unfair advantage.

Misrepresentation

A false statement of fact made by one party to another, which induces that other party to enter into a contract.

Equitable Remedy

A non-monetary court order to perform or refrain from performing a specific act, aimed at achieving fairness.