A Datum Cylinder May Be Internal (A Round Hole)or External

question 16

True/False

A datum cylinder may be internal (a round hole)or external (a round shaft).

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Definitions:

Liabilities

Financial obligations or debts owed by a company to outside individuals or entities.

Assets

Resources owned by a company or individual that have economic value and can provide future benefits.

Expense Recognition Principle

An accounting principle that directs the recognition of expenses in the same period as the related revenues.

Actual Cost

The actual expense incurred to acquire an asset or the expense incurred to produce goods or services, as opposed to budgeted or estimated costs.