If a Revenue Account Is Credited the Revenue Account Is

question 7

True/False

If a revenue account is credited the revenue account is increased.

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Definitions:

Consolidated Financial Statements

Consolidated financial statements are financial reports that combine the financial operations of a parent company and its subsidiaries into one comprehensive document.

Liability

A financial obligation or debt that a company owes, which will need to be paid to creditors, suppliers, or other parties.

Consolidated Balance Sheet

A financial statement that presents the assets, liabilities, and shareholders' equity of a parent company and its subsidiaries as one entity.