A Computer Network That Uses Internet Technology but Links Authorised

question 71

Short Answer

A computer network that uses Internet technology but links authorised users inside the company with certain outsiders such as customers or vendors is called a(n)____________________.

Comprehend the structure and utility of an end-of-period spreadsheet heading.

Understand the process and importance of recording adjustments in the journal and posting them to the ledger.

Identify where major account types appear on the balance sheet.

Calculate and understand the significance of net loss from Income Statement Debit and Credit columns.

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Definitions:

Accrual Basis

An accounting method where revenues are recorded when earned and expenses are recorded when incurred, regardless of when cash is exchanged.

Recognizes Revenues

The process of recording revenue in the financial statements when it is earned and realizable, in accordance with the revenue recognition principle.

Expense Recognition Principle

Accounting principle that dictates expenses should be recognized in the period in which they are incurred to generate revenues.

Accounting Period

This is a specific duration of time for which financial statements are prepared to understand and evaluate a company's financial performance.