The ________ Principle Requires That the Benefits from an Activity

question 143

Short Answer

The ________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

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Definitions:

Erroneously Charged

Incorrectly or mistakenly billed for goods or services, leading to inaccurate financial transactions.

Bank Statement Balance

The ending cash balance as recorded in the bank's records at the end of a reporting period.

Check Outstanding

A check that has been written and recorded in the issuing account but has not yet been cleared or cashed by the bank.

Bank Reconciliation

The process of comparing and adjusting the balance shown on a bank statement with the amount shown in a company’s records to ensure they match.