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Define the term "social facts" and using examples, like your own life as a framework, briefly describe the "social facts" present in your own life, and how they operate. You may use another subject matter if you do not feel comfortable using your own life.
Cash Basis
An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively, not when the transactions occur.
Cost of Goods Sold
The total direct costs attributable to the production of goods sold in a company.
Cash Basis
An accounting method that records revenues and expenses when they are actually received or paid, respectively.
Operating Activities
Transactions and events that relate to the core business operations of a company, such as selling products, providing services, and incurring necessary expenses.
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