You Can Rearrange Your View of the Journal on the Home

question 30

True/False

You can rearrange your view of the Journal on the Home tab in the Current View group by clicking a view option.

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Definitions:

Financial Statements

Materials outlining a firm's financial health, incorporating its balance sheet, income statement, and cash flow statement.

Adjustment

Modifications made to account balances in order to correct financial statements or to allocate transactions correctly.

Accrual Accounting

An accounting method that recognizes revenue and expenses when they are incurred, not necessarily when cash is exchanged, enhancing the accuracy of financial statements.

Financial Statements

Formal records of the financial activities and position of a business, organization, or person, including balance sheets, income statements, and cash flow statements.