The North American Industry Classification System (NAICS)has Been Replaced by the Standard

question 15

True/False

The North American Industry Classification System (NAICS)has been replaced by the Standard Industrial Code (SIC).

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Definitions:

End-Of-Period Spreadsheet

A financial statement prepared at the conclusion of an accounting period, summarizing the income, expenses, and adjustments to accounts.

Retained Earnings

Retained earnings are the portion of a company's net income that is kept within the company instead of being paid out to shareholders as dividends, often used for reinvestment in the business or to pay down debt.

Revenue Accounts

Accounts that track the income generated from the company's primary operations and other activities.

Expense Accounts

Accounts used to track money spent or costs incurred in a company's operation to generate revenue.