When Specifying Datum Targets on a Drawing, Explain Why the Datum

question 1

Essay

When specifying datum targets on a drawing, explain why the datum targets may indicate fixed or movable datum feature simulators.

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Definitions:

Net Income

The income a business retains following the deduction of all expenses, taxes, and costs from its overall revenue.

Total Assets

A corporation's complete asset portfolio, which includes both current assets and assets held for a longer period.

Post-Closing Trial Balance

A list of all accounts and their balances after the closing entries have been made, ensuring that debits equal credits in preparation for the next accounting period.

Temporary Accounts

Accounts that are closed at the end of the accounting year, including income, expense, and withdrawal accounts, to prepare the company for the new fiscal year.