Which of These Statements Is Not True

question 65

Multiple Choice

Which of these statements is not true?

• A)Asset,liability,and stockholders' equity accounts are referred to as permanent accounts.
• B)Revenue,expense,and dividend accounts are described as temporary accounts.
• C)Temporary accounts are closed at the end of the period to retained earnings.
• D)The balance sheet will not balance until the temporary accounts are closed to retained earnings.
• E)With double-entry,each transaction is recorded twice.

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Definitions:

Disaffirm

The legal act of rejecting or voiding a contract or agreement, especially used in contexts where one party is not legally competent to enter into a contract.

Contract

A contract is an official agreement among two or more individuals creating reciprocal legal duties that can be upheld in court.

Emancipated

The condition of being freed from legal, social, or political restrictions; commonly referring to a minor legally recognized as capable of acting as an adult.

Age of Majority

The legal age at which an individual is considered an adult and responsible for his or her own actions, varying by jurisdiction.