Pertaining to or Arising from Many Locations Is Called ________

question 92

Short Answer

Pertaining to or arising from many locations is called ________.

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Definitions:

One-Year Period

A timeframe of twelve consecutive months used for financial reporting, planning, and assessment purposes.

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.