An Accounting Statement That Shows What Has Happened to an Organization's

question 36

Short Answer

An accounting statement that shows what has happened to an organization's income,expenses,and net profit over a period of time is called a(n)_________.

---

Definitions:

Compensation

Payment or benefits provided to employees in exchange for their work or services.

Accrue a Liability

The process of recognizing liabilities that have been incurred but not yet paid or recorded in the financial statements.

Current Maturities

The portion of a company’s long-term debt that is due to be paid within the next fiscal year, often classified under current liabilities.

Long-term Debt

Financial obligations owed by a company that are due more than one year in the future, typically including bonds, long-term loans, and lease liabilities.