Double-Entry Accounting Requires Transactions to Affect Two or More Accounts

question 57

True/False

Double-entry accounting requires transactions to affect two or more accounts, and the total of the debits and credits must equal.

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Definitions:

Burwell v. Hobby Lobby

A landmark U.S. Supreme Court case that allowed closely held for-profit corporations to be exempt from regulations its owners religiously object to, if there is a less restrictive means of furthering the law's interest.

Supreme Court

The highest federal court in the United States, responsible for interpreting the Constitution and reviewing cases of national significance.

Personal Liability

An individual's legal responsibility for financial or legal obligations, making them personally accountable for the fulfillment of these duties.

Adoption

The legal process of taking another's child into one's family, granting it the same legal rights and status as one's biological child.