Examlex
Sources of student assessment information may include which of the following?
Correcting Entries
Journal entries made in accounting to correct previously made errors or adjustments in the financial statements.
Accrual Basis
An accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.
Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP) are a collection of commonly followed accounting standards and procedures for financial reporting.
Cash Basis
An accounting method where revenues and expenses are recorded only when cash is received or paid, regardless of when transactions occur.
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