As a General Rule, New Software Versions Are Backward-____________________, Meaning

question 5

Short Answer

As a general rule, new software versions are backward-____________________, meaning that documents saved by an older version can be read by newer software.

---

Definitions:

Notes Payable

Liabilities represented by formal agreements or promissory notes to pay specific amounts of money at designated times.

Interest Payable

The amount of interest expense that has been incurred (accumulated) but not yet paid as of a specific date.

Interest Expense

The cost incurred by an entity for borrowed funds, typically reported on the income statement.

Accrued Liability

Liabilities recognized on the books before they’re paid for, representing expenses that have been incurred but not yet settled in cash.