Generally Accepted Accounting Principles Regulate How and What Financial Information

question 89

True/False

Generally accepted accounting principles regulate how and what financial information is reported by businesses.

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Definitions:

Purchase Order

A formal document sent from a buyer to a supplier to authorize the purchase of products or services under specified terms and conditions.

Subsidiary Ledger

A detailed ledger that contains the individual accounts needed to support a specific general ledger account.

Accounts Payable

Liabilities of a business that are obligations to pay creditors for goods and services purchased on credit.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.