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Questions and Answers
Which of the following is not a general principle to select the appropriate accounting rule?
Which of the following is not a general principle to select the appropriate accounting rule?
- Materiality (correct)
- Substance over form
- Matching
- Prudence
In a wakala agreement, in an undisclosed wakala agreement, the agent:
In a wakala agreement, in an undisclosed wakala agreement, the agent:
- Acts in his own best interest
- Does not reveal he acts on behalf of a third party (correct)
- Does not have fiduciary duties
- Can be held liable for any loss or damages to the assets
What are the considerations for selecting the correct accounting rule?
What are the considerations for selecting the correct accounting rule?
- Substance over form, cost/benefit analysis, accrual, disclosure
- Materiality, matching, consistency, disclosure
- Prudence, substance over form, cost/benefit analysis, consistency, accrual, and matching (correct)
- Prudence, disclosure, accuracy, matching, accrual
In an undisclosed wakala agreement, what does the agent not have to do?
In an undisclosed wakala agreement, what does the agent not have to do?
Which of the following is a principle for selecting the correct accounting rule?
Which of the following is a principle for selecting the correct accounting rule?
What is a general principle to select the appropriate accounting rule?
What is a general principle to select the appropriate accounting rule?
In an undisclosed wakala agreement, what does the agent not reveal?
In an undisclosed wakala agreement, what does the agent not reveal?
What is the primary duty of an agent in an undisclosed wakala agreement?
What is the primary duty of an agent in an undisclosed wakala agreement?
Which of the following is a consideration for selecting the correct accounting rule?
Which of the following is a consideration for selecting the correct accounting rule?
What is the concept emphasized in selecting the appropriate accounting rule?
What is the concept emphasized in selecting the appropriate accounting rule?
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