A Deviation from Generally Accepted Accounting Principles Is

question 18

Multiple Choice

A deviation from generally accepted accounting principles is

• A) permissible if the amount involved is material.
• B) permissible if the amount involved is immaterial.
• C) never allowed.
• D) permissible only if its required in order to conform to the monetary unit assumption.

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Definitions:

Public Order Crime

Offenses that interfere with the operation of society and the ability of people to function efficiently, such as public drunkenness and prostitution.

Illegal Drug Use

The use of drugs that are prohibited by law, including substances without a prescription or drugs banned by legislation.

Arson

The criminal act of deliberately setting fire to property, typically for malicious or fraudulent purposes.

Insurance Fraud

Illegally manipulating or fabricating claims with the intent to obtain undue financial benefit from an insurance policy.