Objects Are Part of a General Concept Called Classes

question 35

True/False

Objects are part of a general concept called classes.

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Definitions:

Accounting Numbers

Figures that represent the financial performance and position of a company, including income, expenses, assets, and liabilities.

IFRS

Stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide companies in preparing financial statements on a global basis.

U.S.GAAP

United States Generally Accepted Accounting Principles, which are accounting standards used in the U.S. to prepare, present, and report financial statements.

Profitability

A rephrasing of profitability analysis, it refers to a company's ability to generate profit from its operations relative to its costs.