Abstraction Ignores Many Details in Order to Focus on the Most

question 185

True/False

Abstraction ignores many details in order to focus on the most important elements of a problem.

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Definitions:

Unadjusted Trial Balance

A preliminary list of all accounts and their balances used in financial reporting before adjustments are made for accruals and deferrals.

Adjusted

Modified or changed for a more accurate or fair representation.

Final Trial Balances

The summary of all ledger accounts after adjusting entries are made, used to prepare financial statements at the end of an accounting period.

Accounting Cycle

The series of steps in processing financial transactions, from the initial recording to the preparation of financial statements.