For Each of the Following, Identify in Column 1 the Category

question 117

Essay

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
- $$\begin{array} { | l | c | c | c | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \text { Professional Fees Earned } & & & \\\hline\end{array}$$

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Definitions:

Financial Performance

An evaluation of a company's ability to utilize assets from its core business operations to produce income.

GAAP Net Income

The profit of a company computed based on Generally Accepted Accounting Principles, which includes all revenues, expenses, gains, and losses.

Annual Incentive Plans

Programs designed by organizations to reward employees based on the achievement of specific annual performance goals.

Conflicts of Interest

Situations where a person or institution has multiple interests, and serving one interest could involve working against another, potentially leading to ethics concerns.