Crediting an Account by the Bank Means a Decrease to That

question 5

True/False

Crediting an account by the bank means a decrease to that account.

---

Definitions:

Note Receivable

A written promise to pay a specified amount of money, along with interest, by a certain date, recognized as an asset on the balance sheet.

Fiscal Year

A one-year period that companies and governments use for accounting purposes and preparation of financial statements, which may or may not align with the calendar year.

Calendar Year

A one-year period that begins on January 1 and ends on December 31, used as a financial and administrative period for many purposes.

Accrued Expense

Expenses that have been incurred but not yet paid or recorded in the financial statements.