What Is the Legal Term for a Written Declaration Given

question 23

Multiple Choice

What is the legal term for a written declaration given under oath?

• A)a deposition.
• B)an admission.
• C)an affidavit.
• D)a testimony.

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Definitions:

Accounting Equation

A fundamental principle in accounting that states assets equal the sum of liabilities and owner's equity (Assets = Liabilities + Equity).

Net Income

The net income of a business following the subtraction of all costs, such as operating expenses and taxes, from its overall revenue.

Net Loss

The deficit that results when total expenses exceed total revenues in a specific accounting period, indicating a decrease in net assets.

Accounting Equation

A fundamental principle of accounting that states assets are equal to the sum of liabilities and stockholders' equity, expressed as Assets = Liabilities + Stockholders' Equity.