Explain What Is the Principle of the Rule of Law

question 164

Short Answer

Explain what is the principle of the rule of law?

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s books for the next period.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time, including the balance sheet, income statement, and statement of cash flows.

Ledger

A book or collection of financial accounts in which transactions are recorded and summarized.