In General a Subsequent Event Is One That Occurs,or the Occurrence

question 5

True/False

In general a subsequent event is one that occurs,or the occurrence of which becomes known,after the reporting date.

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Definitions:

Accounting Period

A specific time period for which financial information is reported, often a quarter or a year.

Supplies Expense

Supplies expense refers to the cost associated with items consumed or used up in the operation of a business, which are not directly part of the manufactured product.

Income Statement

A financial document that summarizes a company's revenues, expenses, and profits or losses over a specific period.

Prepaid Expense

Expenses paid in advance for goods or services to be received in the future, recorded as an asset on the balance sheet until they are incurred.