An Expense Account Is a Subdivision of the Retained Earnings

question 29

True/False

An expense account is a subdivision of the retained earnings account and decreases shareholders' equity.

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Definitions:

Threeness

The quality or condition of being three or having three components.

Twoness

Twoness describes a state or condition of being divided or having a dual nature, often relating to identity or perspectives.

Subtraction

The mathematical process of taking one quantity away from another, or the removal of elements from a set.

Object Permanence

The conviction that an object exists even when it is out of sight. Piaget believed infants didn’t develop this level of understanding until the age of at least eight months.