What Is the Relationship Between NGSS and the Science Curriculum

question 32

Short Answer

What is the relationship between NGSS and the science curriculum?

Recognize the conditions under which the going concern assumption may not be appropriate.

Understand the concept and importance of predictive value in accounting information.

Identify and understand the constraints in accounting, such as cost and materiality.

Know different measurement principles used in accounting, specifically the historical cost and fair value.

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Definitions:

Expenses Account

An accounting ledger that reflects the costs incurred by a business in the process of earning revenue.

Revenue Account

A record that monitors the revenue a firm produces through its regular business activities.

Trial Balance

A financial report that lists all the accounts with their balances at a specific date, used to verify the equality of debits and credits in the bookkeeping system.

Ledger Accounts

Individual records that summarize all the financial transactions regarding a specific aspect of a business's financial activity, such as sales, accounts payable, or owner's equity.