Utilities of Information Include Possession, Form, Place, Access Level and Time

question 18

True/False

Utilities of information include possession, form, place, access level and time.

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Definitions:

Journalize

The process of recording transactions in the journal as part of the accounting cycle.

Fees Earned

The revenue a company generates from providing services during a given accounting period.

Salaries Expense

This refers to the total amount paid by a company for employee salaries over a specific period, recorded on the income statement.

Trial Balance

A bookkeeping worksheet listing the balances of all ledgers in two columns, debits and credits, used to verify the equality of the two totals.