All of the Following Are Protected Classes Except

question 27

Multiple Choice

All of the following are protected classes except:

• A)Race
• B)Religion
• C)Sexual orientation
• D)Sex

Understand the basic financial statements and their purposes.

Recognize the concept and importance of tracking business transactions.

Comprehend the income-generating process of a company.

Identify the key elements of financial performance measurement.

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Definitions:

Accrual Basis

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Double-entry Accounting

An accounting method that records each transaction twice, as both a debit and a credit, to ensure the accounting equation remains balanced.

Accounting Equation

The fundamental formula in accounting that represents the relationship between assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity.

Net Worth

The total assets minus total liabilities of an individual or entity, representing financial position at a specific time.