An Entity in an Accounting System Can Be Classified as a Resource

question 81

True/False

An entity in an accounting system can be classified as a resource, event or agent about which data are collected.

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Definitions:

Articles of Partnership

A document outlining the terms and conditions of a partnership between two or more parties.

Public Policy

A course of action or inaction chosen by public authorities to address a given problem or interrelated set of problems.

Illegal Terms

Provisions in a contract or agreement that are not lawful or that violate legal statutes.

Pass-through Entity

A business structure where the entity itself pays no taxes on the business income, but this income is passed through to the individual owners, who pay personal income tax on it.