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Questions and Answers
Double-entry accounting is a method whereby every transaction is recorded in at least two accounts?
Double-entry accounting is a method whereby every transaction is recorded in at least two accounts?
True (A)
The accounting equation is Assets = Liabilities + Equity and it must always balance?
The accounting equation is Assets = Liabilities + Equity and it must always balance?
True (A)
Accumulated depreciation is a liability account in the balance sheet?
Accumulated depreciation is a liability account in the balance sheet?
False (B)
