Examlex
What does the T in the TNM system refer to?
Adjustments
Records documented in the financial accounts at the end of a fiscal period to distribute revenues and expenses to the timeframe in which they were truly incurred.
Asset
An economic resource owned or controlled by a company that is expected to provide future benefits.
Liability Account
An accounting record that tracks obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.
Accrual Basis
A bookkeeping approach that recognizes income and expenses at the time they are accrued, rather than when the actual cash transaction occurs.
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