A _____ Is an Economic Event That Under Generally Accepted

question 55

Multiple Choice

A _____ is an economic event that under generally accepted accounting principles affects an element of the financial statements and must be recorded.

• A) framework
• B) control
• C) set of rules
• D) transaction

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Definitions:

CPA

Certified Public Accountant, a professional designation given to qualified accountants who have passed a licensing examination in their jurisdiction.

Security Interest

A legal claim on assets which are given to secure a loan and ensure the repayment of debt.

Debtor

A debtor is an individual or entity that owes a debt to another party, usually a sum of money.

Attaches

The process or moment when a legal right, interest, or lien is officially joined or connected to property or assets.