« previous next »

Author Question: In double-entry bookkeeping, every time an economic transaction is recorded, equal debit and credit ... (Read 95 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?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Applying a time strip to the IV container. Applying a time strip to the IV container.
Meal Time Meal Time
Triumphal Entry, page from a manuscript of Firdawsi's Shahnamah, Persian, Safavid culture. Triumphal Entry, page from a manuscript of Firdawsi's Shahnamah, Persian, Safavid culture.
economic question economic question
economic question economic question
Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ... Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...
Video: Contraction cycle of a sarcomere

For a complete list of videos, visit our video library