When You Decide to Redeem Shares in an Open-End Mutual

question 83

True/False

When you decide to redeem shares in an open-end mutual fund,the only option is to sell off a specific number of shares.

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Definitions:

Debit Balance

Refers to the balance that remains in a financial account when the total debits exceed the total credits.

Credit Balance

An accounting balance where the sum of credits exceeds the sum of debits in an account, often indicating money owed to the account holder.

Salaries Payable

A liability account that represents the amount owed to employees for work performed but not yet paid.

Reversing Entry

An accounting entry made at the beginning of an accounting period to negate the effects of certain adjusting entries made in the previous accounting period.