To Be Consistent with International Standards,the FASB Has Changed Reporting

question 30

True/False

To be consistent with international standards,the FASB has changed reporting requirements for redeemable preferred stock to require it to be reported in the equity section.

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Definitions:

Receipts

Documents that acknowledge the receiving of goods, services, or payments, serving as proof of transaction or payment.

Disbursements

Payments made by a business or organization, typically involving the payment of cash expenditures, payroll, or other financial outflows.

Revenue

The total amount of money earned from the sale of goods and services before any expenses are subtracted.

Cash Basis

A method of accounting that records transactions when cash is received or paid out rather than when they are incurred.