A Declaration in Which an Individual Provides a Fact That

question 69

Multiple Choice

A declaration in which an individual provides a fact that tends to establish his or her guilt is known as a/an ______.

• A)admission
• B)confession
• C)elaboration
• D)statement

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Definitions:

Journal Entry

A record in accounting that documents a business transaction in the general ledger, indicating debits and credits to specific accounts.

Consolidation Entries

Journal entries made in the process of preparing consolidated financial statements to eliminate intercompany transactions and balances among the entities of a consolidated group.

Consolidated Financial Statements

Financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as one single entity.

Fair Values

A valuation reflecting what an asset or liability might fetch in the marketplace, determined by the price it could be sold for or the cost to transfer the liability, during a well-organized exchange among participants on the date of valuation.