Describe 2 Types of Situations That May Produce Feelings of Endangerment

question 204

Essay

Describe 2 types of situations that may produce feelings of endangerment?

---

Definitions:

General Ledger

A comprehensive set of accounts that records all financial transactions of a business, showing assets, liabilities, equity, revenue, and expenses.

Accounts Payable

Liability accounts on a company's balance sheet representing amounts owed to creditors for goods and services received but not yet paid for.

Prepaid Insurance

Payments made for insurance coverage before the coverage period begins, recorded as an asset on the balance sheet.

Corrected Trial Balance

A list of all the account titles and balances of a company after adjustments and corrections have been made.