Positive Accounting Research Attempts to Describe "What Is" and Determine

question 52

True/False

Positive accounting research attempts to describe "what is" and determine how things should be.

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Definitions:

General Ledger

A comprehensive record of a company's financial transactions over the life of the organization, organized by accounts.

Division of Labor

Division of labor is the separation of tasks in any economic system or organisation so that participants may specialize, increasing efficiency and productivity.

Multi-Column Journal

An accounting journal that contains multiple columns for recording financial transactions in a systematic way.