Examlex
Which statement about menu-driven information and control systems is NOT correct?
Accruals
Accounting method that records revenues and expenses when they are incurred, regardless of when cash transactions occur.
Unrecorded Expense
A cost or liability that has been incurred but not yet documented or included in the financial records or statements of a company.
Unrecorded Revenue
Earnings from completed transactions or delivered goods/services that have not yet been documented in the financial accounts.
GAAP
Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States for financial reporting.
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