If You Prepare a Reverse Chronologic List of Events, This

question 14

Multiple Choice

If you prepare a reverse chronologic list of events, this means that they are organized in

• A) the order in which they occurred.
• B) strict alphabetic order.
• C) the order of importance.
• D) the order of the most recent on the top and the oldest on the bottom.

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Definitions:

Expense

An outflow of money to another person or company to pay for an item or service, or for a cost required to operate a business.

Allowance for Doubtful Accounts

A contra-asset account that estimates the portion of accounts receivable which may not be collectible.

Adjusted

Changed or modified to reflect a more accurate valuation or account of a particular item or financial record.

Accounting Period

The span of time at the end of which a company or organization reports its financial performance and position; typically monthly, quarterly, or annually.