Firms That Compile Financial Statements According to GAAP

question 91

Multiple Choice

Firms that compile financial statements according to GAAP:

• A)record income and expenses at the time they affect the firm's cash flows.
• B)have no discretion over the timing of recording either revenue or expense items.
• C)must record all expenses when incurred.
• D)can still manipulate their earnings to some degree.
• E)record both income and expenses as soon as the amount for each can be ascertained.

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Definitions:

Action Query

A type of query in databases, especially in Microsoft Access, that performs actions on data (like inserting, updating, or deleting) rather than just selecting data.

Make-Table Query

A type of database query that creates a new table and populates it with data selected from one or more existing tables.

Select Query

In databases, a select query is used to retrieve specific data from one or more tables based on a set of criteria.

Update Query

In database management, a query that modifies the values of existing records in a table according to specified criteria.