The Two Main Accounting Principles Used in the Adjusting Process

question 175

True/False

The two main accounting principles used in the adjusting process are matching and full disclosure.

---

Definitions:

Vitamin

Organic compounds required in small quantities for essential metabolic reactions in living organisms.

Stored

When referring to a general term, it means to put away or accumulate for future use.

Bile

A digestive fluid produced by the liver, stored in the gallbladder, and secreted into the small intestine to aid in the digestion and absorption of fats.

Cholesterol

A waxy, fat-like substance that's found in all cells of the body, necessary for making hormones, vitamin D, and substances that help digest foods.