Generally Accepted Accounting Principles (GAAP)require Every Organization to Prepare Reversing

question 156

True/False

Generally Accepted Accounting Principles (GAAP)require every organization to prepare reversing entries.

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Definitions:

Salaries Payable

A liability account that represents the amounts owed to employees for work performed but not yet paid.

Cash Amount

The total amount of money, in cash form, that is available or in consideration in a transaction.

Direct Method

A way of reporting cash flows from operating activities in the cash flow statement by listing major classes of gross cash receipts and payments.