All Other Things Being Equal, a Simpler Theory Is Considered

question 398

True/False

All other things being equal, a simpler theory is considered to be better than a more complex theory.

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Salaries Payable

A liability account representing the amounts owed to employees for work performed but not yet paid.

Net Income

The amount of money left after all expenses have been deducted from total revenues.

Prepaid Expense

Expenses paid in advance by a company for goods or services to be used at a future date, recorded as an asset.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.