The System That Requires an Accountant to Record a Transaction

question 111

True/False

The system that requires an accountant to record a transaction when it occurs is called immediate accounting.

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Definitions:

Accounting Period

A specific period of time used for financial reporting purposes, typically a year or quarter.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, giving insight into its financial health.