After You Have Added All of the Fields to Your

question 34

True/False

After you have added all of the fields to your table, the last column in the table contains the Click to Add field selector in case you need to add another field later.

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Definitions:

Accrual Basis of Accounting

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.

Cash Basis

An accounting method where revenue is recorded when cash is received, and expenses are recorded when cash is paid out.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances for accruals and deferrals that are not recorded through regular transactions.

Accruals

Accruals are accounting adjustments for revenues and expenses that have been earned or incurred but not yet recorded in accounts due to the timing of cash flows.