In Order for an Internal or External Event to Be

question 13

Short Answer

In order for an internal or external event to be recognized in an accounting system, the items making up the event must impact the financial statements and they must be sufficiently reliable and ____________________.

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Definitions:

Office Supplies

Items used in offices for daily operations, including paper, pens, files, and other stationery.

Salaries Payable

A liability account that reflects the amounts owed to employees for services rendered but not yet paid.

Total Assets

The sum of all current and non-current assets owned by a company.

Total Expenses

The sum of all costs and expenses incurred by a business or organization during a specific period.