The Implementation Constraints Include All of the Following Except

question 89

Multiple Choice

The implementation constraints include all of the following except:

• A) materiality.
• B) conservatism.
• C) cost/benefit.
• D) separate entity.

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Definitions:

Enron

A former American energy company that went bankrupt in 2001 due to one of the largest accounting frauds in history.

WorldCom

Once a major telecommunications company that became infamous for its involvement in one of the largest accounting fraud scandals in history.

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the securities industry.

Accounting Principles

Fundamental guidelines or rules that govern the field of accounting and prescribe how financial transactions should be recorded and reported.