Total Assets Less Current Liabilities Equal Ownership Equity

question 4

True/False

Total assets less current liabilities equal ownership equity.

---

Definitions:

Another Company's Deposit

This refers to funds deposited by one company into the bank account of a different company, often for payment of goods, services, or a joint venture.

Another Company's Check

A form of payment issued by one company to another for goods or services rendered.

Electronic Funds Transfer

A system that allows the transfer of money between accounts via electronic signals, eliminating the need for physical checks.

Deposits In Transit

Funds that have been received and recorded by a business, but not yet processed or recorded by the bank.