A Lookup Table Should Contain at Least Two Rows and Two

question 85

True/False

A lookup table should contain at least two rows and two columns, not counting headings.

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Definitions:

Account Balance

The amount of money present in an account, representing the net of credits and debits at a particular point in time.

Liability

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other economic benefits.

Voucher

A document that serves as evidence of a business transaction and authorizes the recording of that transaction in an accounting system.

Debit Memo

A document or entry that records an adjustment or increases in an account, typically indicating a debtor owes more money to the creditor.