ACFE-Certified Fraud Examiner - CFE

According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:

A tangible asset is one which is:

_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.

__________ are the amounts which are owned to other entities:

Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.

Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:

The heart of book keeping system is the ___________.

____________ is a summary of the account balances carried in a ledger.

____________ is a process by which a bookkeeper records all transactions and can adjust the books.