Define Reflecting Responses,and State When They Should Be Used

question 27

Essay

Define reflecting responses,and state when they should be used.

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Definitions:

Assets

Assets refer to resources owned by a company that have economic value and can be used to meet debts, commitments, or investments.

Retained Earnings

The portion of a company's profits not distributed as dividends to shareholders, but instead reinvested in the business or held as reserves.

Assets

Assets are resources owned by a business or individual, which provide economic value or are expected to generate future benefit.

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.