An Accountant Has No Liability to Third Parties Other Than

question 43

True/False

An accountant has no liability to third parties other than the client.

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Definitions:

Accounting Equation

The foundational principle of accounting stating that assets equal liabilities plus equity, thus maintaining the balance of a company's financial statements.

Identification Codes

Unique codes or sequences of numbers/letters used to identify specific items, products, employees, or locations within a system.

Accounts Receivable

Money owed to a company by its clients or customers for goods or services already delivered.

Journal Entry

Definition: A record in accounting that represents a transaction and its effect on various accounts in the double-entry bookkeeping system.