Examlex
Which of the following characteristics represents the oldest branch point in animal phylogeny?
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.
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