Under the Accrual Basis, Some Accounts in the Ledger Require

question 101

Essay

Under the accrual basis, some accounts in the ledger require updating. Discuss the three main reasons for this updating and give an example of each.

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Definitions:

Technological Changes

Technological changes involve the advancement and application of new technologies, impacting how individuals, businesses, and societies operate and interact.

Legal Changes

Modifications or updates in the law that can impact various aspects of society, including business operations, personal rights, and societal norms.

Human Resource Planning

The process of forecasting an organization's future human resource needs and developing strategies to ensure the right number and type of people are available to meet those needs.

Future Demand

The expected need or desire for products, services, or jobs at some point in the future.