The "____" Rule Is Necessary to Make Sure Money Is

question 60

Short Answer

The "____" rule is necessary to make sure money is freely negotiable.

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Definitions:

Debit

A bookkeeping entry that increases the balance of asset and expense accounts, and decreases equity, liability, and revenue accounts.

Partnership Liquidation

The process of closing down a partnership by selling off assets, paying liabilities, and distributing the remaining assets to the partners.

Incorrect Step

A step in a process or procedure that has been performed wrongly, often leading to errors or undesired outcomes.

Capital Account

An account recording the capital contributions of owners and investors, along with retained earnings and long-term debt.