Since REA Databases Do Not Employ Journals and Ledgers,how Can

question 43

Essay

Since REA databases do not employ journals and ledgers,how can they support financial statement reporting?

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Definitions:

Geographic Area

A specific portion of space distinguished by geographical boundaries or attributes, often used for analysis in business or economics.

U.S. Company

A corporation, partnership, or other business entity that is registered and operates within the United States.

U.S. GAAP

United States Generally Accepted Accounting Principles, a framework of accounting standards, procedures, and rules used by companies to compile their financial statements in the U.S.

Operating Segment Disclosure

The requirement for companies to report financial and descriptive information about their principal operating segments, enhancing the transparency of financial performance for stakeholders.