Because the financial process must recognize events that keep the general ledger accounts up-to-date, which of the following is/are included in the financial process?
A) The recognition of prepaid expenses
B) The recognition of accrued assets
C) The recognition of depreciation expense
D) All of the above are included in the financial process.

Question

Quizplus · Accepted Answer

All three options - recognition of prepaid expenses, accrued assets, and depreciation expenses - are included in the financial process as they impact the general ledger accounts and need to be recognized in financial statements. Prepaid expenses and accrued asset recognition impact the balance sheet while depreciation expense recognition impacts the income statement.

Because the Financial Process Must Recognize Events That Keep the General