The Three Kinds of Standing Plans Are Policies, Procedures, and Rules

question 101

True/False

The three kinds of standing plans are policies, procedures, and rules and regulations.

Distinguish between different types of business activities: operating, investing, and financing.

Know the principles guiding the recognition of revenue and expenses.

Comprehend the fundamental accounting equation and its components (Assets = Liabilities + Equity).

Recognize the nature and classification of assets, liabilities, and equity.

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Definitions:

Neutral Solution

A solution of pH 7; there are equal concentrations of hydrogen ions [H+] and hydroxide ions [OH-]. Compare with acidic solution and basic solution.

Valence Electrons

The outermost electrons of an atom, which determine its chemical bonding properties.

Chemical Properties

Chemical properties are characteristics of a substance that determine how it interacts with other substances during chemical reactions, defining its composition and behavior.

Buffer

A solution that resists changes in pH when acid or alkali is added to it.