It Is a Good Business Practice to Maintain the Same

question 26

True/False

It is a good business practice to maintain the same records in two or more different programs.

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Definitions:

Forensic Accounting

Forensic Accounting is the practice of using accounting, auditing, and investigative skills to assist in legal matters and conduct investigations into fraud or financial discrepancies.

Income Statement

An income statement is a financial statement that shows a company's revenues and expenses over a specific period, highlighting net profit or loss.

Revenues

Revenue earned through the primary activities of a business, typically from selling products and services to its consumers.

Expenses

Outflows or other using up of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities.