Unfortunately,if a Rule Has Not Been Enforced in the Past,it

question 64

True/False

Unfortunately,if a rule has not been enforced in the past,it cannot be enforced in the future.

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Definitions:

General Ledger Accounts

Individual accounts in the general ledger that record all transactions of a company, used to prepare financial statements.

Liquidity

The simplicity of turning an asset into cash without impacting its market value.

Long-Term Investments

Assets that a company intends to hold for more than one year, including stocks, bonds, real estate, and other financial investments.

Long-Term Debt

Debt obligations that are due more than one year into the future, often used to finance or expand operations.