A Local Account Must Be a Standard Account; It Cannot

question 286

True/False

A local account must be a standard account; it cannot be an administrator account.

---

Definitions:

Credit Balance

Credit Balance refers to the amount of money that a company or individual has in their account that can credit against future purchases or borrowings.

Payee

The party in a financial transaction to whom money is paid or is to be paid.

Interest Income

Earnings received from deposit accounts or investments that yield interest, such as savings accounts, bonds, or loans.

Accounts Receivable

An asset account that records amounts a company has a right to receive because it has provided goods or services on credit.