FIP Principles Are Based on the Notion of The

question 33

Multiple Choice

FIP principles are based on the notion of the:

• A) accountability of the record holder.
• B) responsibility of the record holder.
• C) mutuality of interest between the record holder and the individual.
• D) privacy of the individual.
• E) due process.

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Definitions:

Beginning Inventory

The value of all goods available for sale at the start of an accounting period.

Net Income

The net income of a business following the subtraction of all costs, taxes, and operational expenses from its revenue.

Straight-Line Depreciation

A method of allocating an asset's cost evenly over its useful life, resulting in a constant annual expense.

Journal Entry

A record in accounting that documents a business transaction and its effect on various accounts, used to keep track of financial events by debits and credits.