Objectivity Means That Financial Information Is Supported by Independent, Unbiased

question 250

True/False

Objectivity means that financial information is supported by independent, unbiased evidence; it demands more than a person's opinion.

---

Definitions:

Salaries Expense

The total amount paid to employees for services rendered during a specific period, reported on the income statement.

Journalize

Journalize is the process of recording financial transactions in the chronological order of their occurrence within the journal in accounting.

Transactions

Transactions involve the exchange of goods, services, or financial assets in return for something of value between two or more entities.

Supplies On Credit

Goods or materials obtained by a company on the agreement to pay for them at a later date.