Consider the Following Statement,and Explain Whether or Not It Is

question 90

Essay

Consider the following statement,and explain whether or not it is sensible: The universe is between 10 and 16 billion light-years old.

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Definitions:

Debits

Entries on the left side of an account ledger, indicating an increase in assets or decrease in liabilities and equity.

Credits

Entries in accounting that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts, reflecting a gain in financial statements.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each with a unique identifier.

Journal Entry

A record in accounting that represents a transaction in the general ledger, where each transaction is recorded with both a debit and a credit.