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Continue Learning about Accounting

Which of these is the generally accepted conceptualization of the brain today?

parallel-distributed processing model


What organization is recognized today as the authoritative voice of accounting rules and principle?

The Financial Accounting Standards Board (FASB) is recognized today as the authoritative voice of accounting rules and principles in the United States. It establishes the Generally Accepted Accounting Principles (GAAP) that govern financial reporting. Additionally, the International Financial Reporting Standards (IFRS) are developed by the International Accounting Standards Board (IASB) and are recognized globally. Together, these organizations provide frameworks that ensure transparency and consistency in financial reporting.


Why is the tax expense reported on the income statement comprised of current and deferred tax?

This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items


What is the feminine of clerk?

The term "clerk" is gender-neutral and can be used for individuals of any gender. However, in some contexts, the feminine form "clerkess" has been used historically, though it is now largely considered outdated. Today, using "clerk" for all genders is more common and accepted.


Office Suite?

Office Suite software refers to a collection of programs consisting of a similar user interface, generally intended to interact with each other. These programs are practically essential in today’s modern business world, and provide users with many fundamental office related tools.