« previous next »

Author Question: In double-entry bookkeeping, every time an economic transaction is recorded, equal debit and credit ... (Read 67 times)

cmoore54

  • Hero Member
  • *****
  • Posts: 568
on: Jul 10, 2018
In double-entry bookkeeping, every time an economic transaction is recorded, equal debit and credit amounts must be recorded.
 
  Indicate whether the statement is true or false.

Question 2

Debts to be paid more than one year from now are considered short-term liabilities.
 
  Indicate whether the statement is true or false.


aliotak

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jul 10, 2018
Answer to Question 1

Answer: TRUE

Answer to Question 2

Answer: FALSE
Explanation: Debts to be paid more than one year from now are considered long-term liabilities.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Patients of all socioeconomic backgrounds should be given equal care. Patients of all socioeconomic backgrounds should be given equal care.
Physics: Power, Energy and Time Physics: Power, Energy and Time
economic question economic question
economic question economic question
economic question economic question
Political and Economic Systems Political and Economic Systems
Video: Bulk flow - factors that influence bulk flow

For a complete list of videos, visit our video library