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Under Statement of Financial Accounting Concepts No

question 13

Multiple Choice

Under Statement of Financial Accounting Concepts No.2,representational faithfulness is an ingredient of Relevance Reliability

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Definitions:

Chose in Action

A personal right to property which can only be claimed or enforced by action, not by taking physical possession.

Surviving Corporation

The corporation that continues to exist after the merger or consolidation of two or more corporations, absorbing the assets and liabilities of the others.

Damages

Monetary compensation awarded by a court to a person who has suffered loss or injury as a result of another's wrongdoing or negligence.

Involuntary Liquidation

involves the forced selling off of a company's assets by creditors or a court order, typically when the company is unable to pay its debts.

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