When Was SCM Developed

question 21

Multiple Choice

When was SCM developed?

• A) 1950s
• B) 1970s
• C) 1990s
• D) 2004

Understand the categorization and presentation of assets and liabilities as current or long-term on the balance sheet.

Comprehend the nature and financial reporting of stockholders' equity items.

Know the steps in the preparation of adjusted trial balances, financial statements, and the closing process.

Distinguish between temporary and permanent accounts and their roles in financial reporting.

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Definitions:

Majority Shareholders

Individuals or entities that own more than half of a company's shares, thus holding significant influence or control.

Quorum

The minimum number of members needed to be present at a meeting to make the proceedings of that meeting valid.

Substantial Portion

Refers to a significant part or quantity of something, usually in comparison to the whole.

Corporate Assets

Resources owned by a corporation that have economic value and can be used to meet debts, commitments, or investments.