Because Source Documents Should Be Stored in a Safe Location

question 41

Short Answer

Because source documents should be stored in a safe location for some specified period of time, a company should have a(n) ____________________ that meets all legal requirements and business needs.

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Definitions:

Time Period Assumption

An accounting principle that allows the business operations to be divided into specific time periods for reporting purposes.

Revenue Recognition Principle

An accounting principle that dictates under what conditions revenue is recognized and determines when revenue is earned and recorded.

Expense Recognition Principle

An accounting principle that dictates the timing of reporting an expense, aligning it with the revenue it generates or when the expense is incurred, to reflect true financial performance.

National Parks Calendars

Specially designed calendars featuring photographs or illustrations of national parks and their landscapes.