Complete the Following Using the Terms Listed Below

question 155

Multiple Choice

Complete the following using the terms listed below.
-A claim against a firm's assets by a creditor is a (n) ______.

• A)Chartered Professional Accountant
• B)International Financial Reporting Standards
• C)Asset
• D)Liability
• E)owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Corruption of Foreign Public Officials Act
• J)accrual accounting
• K)open book management
• L)Budget
• M)GAAP
• N)AcSB
• O)profitability ratio
• P)International Accounting Standards Committee
• Q)liquidity ratios
• R)budget

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Definitions:

Supplies Consumed

The cost of supplies used during a specific period, often impacting the income statement through expense recognition.

Adjusting Journal Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Payroll Records

Documents that detail the compensation paid to employees, including wages, salaries, bonuses, and deductions.

Fiscal Year

A one-year period that companies use for financial reporting and budgeting, which may not align with the calendar year.