Instructions: Identify the Following

question 25

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Vietnamization

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Definitions:

Fiscal Year

A one-year period used for financial reporting and budgeting, which may or may not align with the calendar year.

Adjusting Entries

Journal entries made at the end of an accounting period to update income and expense accounts and ensure adherence to the accrual basis of accounting.

Adjusted Trial Balance

A record comprising all the accounts with their respective balances, revised after adjusting entries, employed in the preparation of financial documents.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in a net profit or loss.