« previous next »

Author Question: In double-entry bookkeeping, every time an economic transaction is recorded, equal debit and credit ... (Read 89 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?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Conventional view of economic activity Conventional view of economic activity
Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011 Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011
economic question economic question
economic question (having trouble) economic question (having trouble)
Economic practice question Economic practice question
Grand Funk Railroad - Bad Time Grand Funk Railroad - Bad Time
Video: Red Blood Cells - Erythropoietin (EPO)

For a complete list of videos, visit our video library