Who Said "The Ethics Issue Might Possibly Be Mitigated by Clearly

question 53

Multiple Choice

Who said "the ethics issue might possibly be mitigated by clearly disclosing aggressive accounting assumptions in the financial statement disclosures?"

• A) Hopwood et al
• B) Thomas
• C) Arthur Levitt
• D) Belverd Needles
• E) McKee

---

Definitions:

Compensatory Damages

Compensatory Damages are awarded in civil lawsuits as a monetary compensation to the plaintiff for losses or injuries suffered due to the defendant's actions.

Breach of Contract

The failure to perform as specified in a contract without a legitimate legal excuse.

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged, in order to be enforceable.

Promissory Estoppel

Promissory estoppel is a legal doctrine that enforces a promise made when the promisee has relied on that promise to their detriment, even if a formal contract does not exist.