Accounting in Mexico Is Oriented Towards Fairness, Not

question 52

Multiple Choice

Accounting in Mexico is oriented towards fairness, not:

• A)professional judgment.
• B)legal compliance.
• C)correctness.
• D)taxable income.

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Definitions:

Credit

An accounting entry that increases a liability or equity account or decreases an asset or expense account.

Balance Sheet Accounts

Accounts that reflect the assets, liabilities, and shareholders' equity of a company at a particular point in time.

Real Accounts

Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period, as opposed to nominal accounts.

Accumulated

The total amount collected or gathered over a period, often referring to earnings, benefits, or other financial measures.