The General Environment Includes Economic,technological,socio-Cultural,demographic,political and Legal,and Global Forces

question 3

True/False

The general environment includes economic,technological,socio-cultural,demographic,political and legal,and global forces.

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Definitions:

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future, such as bonds payable, long-term loans, and lease liabilities.

Adjusting Entry

An accounting record created at the closing of a fiscal period to assign revenues and expenses to their respective periods.

Reversing Entry

An accounting entry that is made at the beginning of a period to reverse or cancel out an adjusting entry made in the previous period.

Items Matching

A fundamental accounting principle that mandates the expenses related to revenue are reported in the same period as the revenue itself.