Owners of Business Firms Are the Only People Who Need

question 189

True/False

Owners of business firms are the only people who need accounting information.

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Definitions:

Normal Balances

The side (debit or credit) on which increases to an account are recorded, depending on the type of account.

Total Assets

The sum of all assets owned by a company, reflected on the balance sheet, representing both current and non-current assets.

Cash Payment

The act of settling a debt or transaction by transferring money to another party.

Cash Account

A financial account that records cash transactions including receipts and payments.