An Entity Is Any Physical Thing About Which the Organization

question 82

True/False

An entity is any physical thing about which the organization wishes to capture data.

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Definitions:

Comprehensive Income

The total change in equity for a reporting period other than from transactions with owners, encompassing all revenues, gains, expenses, and losses.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and losses from total revenue.

Retained Earnings

The portion of a company's profits that is kept or retained and saved for future use, reinvestment, or to pay debt.

Temporary Investments

Short-term investments in securities such as stocks and bonds, which a company plans to sell within a year.