Most Business Professionals Handle ____________________ Control by Calling the Individual

question 12

Short Answer

Most business professionals handle ____________________ control by calling the individual involved, describing the problem and apologizing, explaining why the problem occurred and what is being done to resolve it, and following up with a written message that promotes goodwill.

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Definitions:

Recorded When Incurred

An accounting principle that stipulates expenses should be recognized in the financial statements in the period they are incurred, regardless of when the cash payments are made.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.

Account Balances

The total amount of money in a financial account, calculated by adding all credits and subtracting all debits.

Expense Recognition Principle

An accounting principle that expenses should be recognized in the period in which they are incurred to produce revenues, aligning expenses with corresponding revenues.