Footings in T Accounts

question 55

Multiple Choice

Footings in T accounts

• A) appear to the left of the amount columns.
• B) are used for accounts with more than one debit or credit.
• C) are only used in asset accounts.
• D) are used for accounts with only one entry.

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Definitions:

Personal Funds

Money that belongs to an individual and is used for personal, not business, purposes.

Angel Investor

A financially well-to-do person who backs a beginning enterprise, usually receiving convertible debt or a portion of ownership in exchange.

Bootstrapping

A self-starting process that is supposed to proceed without external input, often used to describe startups that grow without major external funding.

Penny Pinching

The act of being very careful with money, often by trying to reduce spending.