A(n) ____________________ Is a Collection of Objects

question 22

Short Answer

A(n) ____________________ is a collection of objects.

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Definitions:

Ledger

A book or collection of financial accounts where transactions are recorded.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the preparation of financial statements in the U.S.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide companies in preparing financial statements globally.

Cash-Basis Accounting

An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions occurred.