Stating Main Points in a Word or Two Is Usually

question 20

True/False

Stating main points in a word or two is usually sufficient for a preparation outline.

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Definitions:

Revenue Account

An account that records the income generated from the sale of goods and services.

Debit Balance

An account balance where total debits exceed total credits.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, used in double-entry bookkeeping.

Credit

An accounting entry that either increases a liability or equity account, or decreases an asset or expense account.