Complete the Following Using the Terms Listed

question 99

Multiple Choice

Complete the following using the terms listed.
-The accounting method that records revenues and expenses when they occur is called _____.

• A)certified public accountant
• B)International Financial Reporting Standards
• C)asset
• D)liability
• E)Owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Sarbanes-Oxley Act (SOX)
• J)accrual accounting
• K)open book management
• L)budget
• M)generally accepted accounting principles (GAAP)
• N)Financial Accounting Standards Board (FASB)
• O)profitability ratios
• P)International Accounting Standards Committee (IASC)
• Q)Leverage ratios
• R)management accountant

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Definitions:

More Organic

A term referring to processes, products, or entities that are more natural, less artificial, or closer to their state in nature.

Exploitation

The act of using someone or something unfairly for one’s own advantage, often without proper compensation or consideration.

Extracting Value

The process of deriving benefits or useful information from resources or situations.

More Mechanistic

Describing an organization or system that is highly structured and emphasizes procedures, rules, and a clear hierarchy, typical of bureaucratic environments.