When a Specific Standard No Longer Satisfies the Members of a Society

question 76

True/False

When a specific standard no longer satisfies the members of a society, it is modified or replaced.

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Definitions:

Credit

An accounting entry reflecting an increase in assets or decrease in liabilities on a company's balance sheet or an entry on the right side of an account.

Drawing

In accounting, refers to the withdrawal of cash or goods by the owner from a business for personal use.

Account Group

An account group is a categorization of individual financial accounts in the general ledger that helps organize and report financial information.

Owner's Equity

The portion of a company’s assets that belongs to the owners after liabilities have been deducted.