Write True or False to the Statements Below

question 153

True/False

Write True or False to the statements below.If the statement is false, rewrite the underlined word or phrase to make the statement true.
-Native Americans (U.S.)and Canada's First Nations have lived in North America for no more than 4,000 years.

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Definitions:

Accounts Receivable-Year 2

The amount of money owed to a company by its customers for goods or services delivered or used but not yet paid for in the second fiscal year.

Realized Gross Profit

The total profit a company makes from its sales after deducting the cost of goods sold, but only on transactions completed within the reporting period.

Deferred Gross Profit-Year 2

The portion of profit from installment sales recognized in the second year, not immediately at the time of sale, due to revenue recognition principles.

Cost Of Installment Goods Sold

The cost assigned to goods that have been sold on installment, including both the cost of manufacturing and a portion of interest on the installment sales.