The Amount of Income an Organization Is Trying to Achieve

question 55

Short Answer

The amount of income an organization is trying to achieve during a particular period is known as the _____________.

Identify the roles and functions of various U.S. agencies and their impact on business practices.

Recognize the importance and effects of international agreements on domestic and international business operations.

Evaluate the ethical and social considerations that influence legal decisions and laws.

Understand the processes involved in changing laws and the importance of legal compliance.

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Definitions:

Order of Liquidity

The arrangement of assets on a balance sheet in order of the time it would typically take to convert them into cash.

IFRS

International Financial Reporting Standards, a set of accounting principles that establish how transactions and other accounting events should be reported in financial statements on a global scale.

Fair Value

The estimated price at which an asset could be bought or sold in a current transaction between willing parties.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards for financial reporting used in the United States.