You Will Likely Fail If You Start a Business in an Area

question 38

True/False

You will likely fail if you start a business in an area you have no experience in

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Definitions:

Credit

An entry recording an increase in liabilities or equity, or a decrease in assets, reflecting the business transactions' effects on the accounts.

Merchandise

Goods that are bought and sold in the course of business, typically in a retail or wholesale environment.

Credit

An entry on the right side of an accounting ledger representing an increase in liabilities or income, or a decrease in assets or expenses.

Contra Accounts

Accounts used to offset or reduce the balance of another account, usually appearing on the balance sheet.