Most Types of Contracts Are Valid Without Being Written

question 21

True/False

Most types of contracts are valid without being written.

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Definitions:

Accounting Equation

The basic principle underlying accounting that asserts that Assets = Liabilities + Equity, illustrating the balance among what a company owns and owes at any point in time.

Asset Accounts

Accounts that record the resources owned or controlled by a company that have future economic value.

Journal Entry

An accounting transaction recorded in a company's financial records, which includes a description, the accounts affected, and the amounts debited and credited.