An Accountant Describes the Effects of an Economic Event on an Entity

question 144

Multiple Choice

An accountant describes the effects of an economic event on an entity by recording the transaction and reporting the amount on the financial statements.What is this called?

• A)Measurement
• B)Recognition
• C)Disclosure
• D)Matching

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Definitions:

Massachusetts Bay

A region in the northeastern United States, known for the establishment of one of the earliest and most significant English colonies in the 17th century.

Indentured Servants

Individuals who agreed to work for a set period of time, without pay, in exchange for transportation to a new country, lodging, and food.

Puritans

A collective of English Protestants during the 16th and 17th centuries aiming to cleanse the Church of England from Roman Catholic rituals.