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:

Utility

a measure of satisfaction or happiness that a person derives from consuming goods and services.

Satisfaction

The level of contentment or fulfillment received from consuming a product or service.

Usefulness

The ability or quality of being able to serve a purpose effectively or efficiently.

Utility

A term in economics that refers to the total satisfaction received from consuming a good or service.