Double-Entry Bookkeeping Requires That Every Transaction Be Recorded in Two

question 149

True/False

Double-entry bookkeeping requires that every transaction be recorded in two places.

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Definitions:

Statement Of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Non-Current Assets

Assets that are expected not to be converted into cash within a year and are long-term resources of a company, such as property, plant, and equipment.

Shares

Units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Interest Paid

The total amount of interest payments made on any borrowed funds or debt over a specific period.