What Are Two Exceptions to Canadian LRL's General Emphasis on Processes

question 6

Essay

What are two exceptions to Canadian LRL's general emphasis on processes rather than outcomes.

Understand the purpose and function of the accounts receivable subsidiary ledger and its role in accounting.

Identify and explain the relationship between the controlling account and the subsidiary ledger.

Understand the impact of transaction errors on financial statements and how to rectify them.

Recognize the normal balance for various accounts and the financial statements they are reported on.

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Definitions:

Outstanding

An adjective describing something that is still in progress, unsettled, not yet resolved, or in the case of financials, amounts owed that have not yet been paid.

Shares Issued

The total number of shares that a corporation has legally sold to shareholders, including those held by the public and by the company.

Preferred Stock

A class of ownership in a corporation with a higher claim on assets and earnings than common stock, usually with fixed dividends.

Net Income

The total profit or loss of a business after all expenses, including taxes and operating costs, have been deducted from total revenue.