Relationships Are Some Type of Information That Is Captured About

question 13

True/False

Relationships are some type of information that is captured about entities.

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Definitions:

Consolidated Statements

Financial statements that combine the accounts of a parent company with those of its subsidiaries, presenting the financial performance and position of the group as a single entity.

Encumbrance System

A system used in accounting to reserve portions of appropriated funds to avoid overspending, primarily used by governments.

Estimated Commitments

Obligations or contracts that a company is likely to incur in the future based on past or planned activities.

Journal Entry

A record in accounting that represents the recording of a financial transaction in a journal.