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Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question
If necessary, a journal entry will include an [...] of the transaction and [...] to record the entry.
Answer
explanation

documented authorization

Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question
If necessary, a journal entry will include an [...] of the transaction and [...] to record the entry.
Answer
?

Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question
If necessary, a journal entry will include an [...] of the transaction and [...] to record the entry.
Answer
explanation

documented authorization
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If necessary, a journal entry will include an explanation of the transaction and documented authorization to record the entry.

Original toplevel document

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ved and the corresponding liability to deliver newsletters) and, subsequently, 12 future adjusting entries, the first one of which was illustrated as Transaction 12. Each adjusting entry reduces the liability and records revenue. <span>In practice, a large amount of unearned revenue may cause some concern about a company’s ability to deliver on this future commitment. Conversely, a positive aspect is that increases in unearned revenue are an indicator of future revenues. For example, a large liability on the balance sheet of an airline relates to cash received for future airline travel. Revenue will be recognized as the travel occurs, so an increase in this liability is an indicator of future increases in revenue. <span><body><html>

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statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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