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When a Note Is Written to Settle an Open Account

question 19

True/False

When a note is written to settle an open account, no entry is necessary.


Definitions:

Dereliction

A state of neglect or disrepair, often used to describe property that has been abandoned or not maintained, or the failure to fulfill duties or obligations.

Directly

In a straight line or manner, without deviating; also means without intervening factors or intermediaries.

Distress

Extreme anxiety, sorrow, or pain; a negative psychological state caused by external and internal stressors, affecting an individual's emotional well-being.

Breaking Confidentiality

Breaking confidentiality is the act of disclosing private or protected information without consent, violating ethical guidelines or agreements in professional settings.

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