A Source Document Is a Record Used to Accumulate Amounts

question 41

True/False

A source document is a record used to accumulate amounts for each individual asset,liability,revenue,expense,and component of stockholders' equity.

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Definitions:

Acquirer's Accounting

The accounting method used by an acquiring company to record the assets, liabilities, and non-controlling interests of an acquired company.

Date of Combination

The specific date when two or more entities come together to form one entity or begin to operate as a combined entity.

Journal Entries

Records of financial transactions in the chronological order they occur, used in bookkeeping.