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Imagine two scientists from another planet visit earth and are attempting to study our computers.In his studies Poz focuses on how the computer is used for conducting business,accessing research,communicating with others,and playing games,while Zog concentrates on the construction of the hard-drive,monitor,keyboard and mouse.Poz's approach is most similar to ____ while Zog's is most similar to ____.
Prior Period Adjustment
Adjustments made to the financial statements of a prior period to correct errors or implement changes in accounting policy.
Retained Earnings Account
An equity account on the balance sheet that represents the accumulated net earnings not distributed to shareholders in the form of dividends.
Net Income
The final income of a company, achieved by subtracting expenses and taxes from the total revenues.
Income Tax Expense
The expense incurred by individuals or corporations due to taxable income, recognized in financial statements.
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