For Businesses,consumer Penalties Are Part of Doing Business in a Highly

question 25

True/False

For businesses,consumer penalties are part of doing business in a highly competitive marketplace.

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Definitions:

Financial Statements

Reports that summarize the financial activities of a business, including the balance sheet, income statement, and cash flow statement.

Recognized

In accounting, recognized refers to the formal acknowledgment of a financial transaction or event in the financial statements of a business.

Adjusting Entry

At the close of an accounting period, entries recorded in the financial ledgers to distribute incomes and costs to the period they genuinely happened.

Expense

Outflows or the using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major operations.