Ethical Practices

question 32

Multiple Choice

Ethical practices:

• A)Vary by region.
• B)Can vary from country to country.
• C)Vary with cultural norms.
• D)All of the choices are correct.

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Definitions:

Adjusting Entries

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

Total Assets

The sum of all owned resources that have economic value and can be converted into cash, which appear on a company's balance sheet.

Accrued Expenses

Expenses that have been incurred but not yet paid, recognized in the financial statements before the cash transactions occur.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.