Give an Example of a Policy,a Procedure,and a Rule from an Organization

question 165

Essay

Give an example of a policy,a procedure,and a rule from an organization you work for or have worked for.

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Definitions:

Ledger Accounts

These are individual accounts in accounting that record transactions related to a company's assets, liabilities, equity, revenue, and expenses in a double-entry bookkeeping system.

Net Income

Represents the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.

Adjusting Entries

Adjusting Entries are journal entries made in accounting records at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.

Real Account

An accounting record that represents assets, liabilities, and owner’s equity, and is not closed at the end of the accounting period but carried over to the next.