When a Specified State Agency Annually Sends a Team of Surveyors

question 1

Multiple Choice

When a specified state agency annually sends a team of surveyors to visit facilities and determine if they are in compliance with the rules and regulations of the state,the process is called:

• A)accreditation
• B)approval
• C)certification
• D)licensure

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Definitions:

Financial Statement Order

The typical sequence in which financial statements are prepared and presented, usually starting with the income statement, followed by the balance sheet, and the cash flow statement.

Accounting Period

A specific duration of time marked for the preparation of financial statements in accounting, typically a year or a quarter.

Trial Balance

An accounting table that consolidates all ledger balances into equal totals in the debit and credit columns.

Journal Entry

A recording of financial transactions in the accounting records, detailing the accounts affected, amounts, and date.