A New Account Is Opened for Each Transaction Entered into by a Business

question 142

True/False

A new account is opened for each transaction entered into by a business firm.

---

Definitions:

Deficiency

The shortfall amount between a debt owed and the proceeds from the sale of assets pledged to secure the debt.

Surplus

The amount of an asset or resource that exceeds the portion that is utilized.

Pennsylvania System

A penal system based on solitary confinement and rehabilitation of the prisoner.

General Contractor

A principal contractor who is responsible for the execution, completion, and day-to-day oversight of a construction project.