When Writing a Statement with the Two-Line Format, You Must

question 55

True/False

When writing a statement with the two-line format, you must be sure to type a semicolon at the end of the first line in order to ensure accurate results.

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Definitions:

Accounting Equation

Formula that states that assets must always equal the sum of liabilities and owners’ equity.

FASB

The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards in the United States.

Accounting Standards

Formal conventions, rules, and guidelines that govern how financial statements are prepared and presented to ensure uniformity and comparability.