Just as Important as Keeping Up to Date with Revision

question 98

True/False

Just as important as keeping up to date with revision numbers and dates on documents is timely distribution of updated documents with a summary of revisions.

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Definitions:

Ledger

A principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Income Summary

An account in the ledger used to summarize revenues and expenses for a specific period before transferring the net result to capital accounts.

Worksheet

A document or tool used by accountants to draft adjustments and test balances during the end-of-period reporting process, not part of the formal financial statements.

Financially Self-Sufficient

The ability to support oneself without external assistance, based on personal income or savings.