ROPES Stands For, Realistic Orientation Program for Entry Socialization

question 212

True/False

ROPES stands for, Realistic Orientation Program for Entry Socialization.

Understand and apply the concept of depreciation and its impact on financial statements.

Learn the classification and treatment of various types of adjusting entries in the accounting cycle.

Comprehend the role of accrued revenues and how they affect financial statements.

Understand how to calculate and record office supplies expenses based on the physical count.

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Definitions:

Indirect Method

A cash flow statement approach that adjusts net income for changes in non-cash working capital and non-operating adjustments to calculate cash flow from operations.

Operating Activities

Transactions and other events that are not investing or financing activities, contributing to the company's primary operations and cash flow.

Direct Method

A way to present the cash flow from operating activities by listing major operating cash receipts and payments, making it easier to understand than the indirect method.

Operating Activities

Day-to-day actions that relate directly to the production, sale, and delivery of a company’s products and services.