A System That Lets People Exchange Short Messages While They're

question 29

Multiple Choice

A system that lets people exchange short messages while they're online is called a ____ messaging system.

• A) clip
• B) feed
• C) real-time
• D) wiki

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Definitions:

Expense Recognition Principle

An accounting principle that expenses should be recognized in the period in which they are incurred, matching them with the revenues they help to generate.

Time Period Assumption

An accounting principle that allows an organization to divide its economic activities into specific time periods such as months, quarters, or years for reporting purposes.

Adjusting Entries

Closing entries in accounting at the end of a period to ensure income and expenses are attributed to the period in which they took place.

Business Events

Occurrences that affect the financial position of a company and can be measured reliably in financial terms.