B. Describes a company's revenues and expenses and computes net
income or loss over a period of time.
C. An independent group consisting of individuals from many countries
that identify preferred accounting practices.
D. Presumes that the life of a company can be divided into periods for
E. The concepts and rules that govern financial accounting.
F. A financial statement that reports the changes in equity over the
reporting period; including increases such as owner investment and net
income and for decreases such as owner withdrawals or net loss.
G. A report that identifies cash receipts and cash payments over a period of
H. Prescribes that a company report the details behind financial statements
that would impact user decisions.
I. The governmental agency that has the legal authority to establish
J. A report that describes a company's financial position at a point in time.
17. On December 3, the XFL Company paid $1,400 cash in salaries to employees. Prepare
the general journal entry to record this transaction.