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Author Question: In double-entry bookkeeping, every time an economic transaction is recorded, equal debit and credit ... (Read 50 times)

cmoore54

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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

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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.


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