It Is Typically Advantageous to Change a Standard If the Layer

question 111

Multiple Choice

It is typically advantageous to change a standard if the layer ________ gets an upgraded standard.

• A) above it
• B) below it
• C) at least two layers away
• D) none of the above

---

Definitions:

General Journal

A primary accounting record where all types of financial transactions are initially recorded using double-entry bookkeeping before posting to specific accounts in the ledger.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.

Rendering Services

The act of providing professional services or duties to a client or customer.

Purchases Journal

A ledger used in accounting to record all purchases of goods and services on credit.