Programmed Decisions Are Decisions That Are Made for Situations That

question 27

True/False

Programmed decisions are decisions that are made for situations that have occurred often in the past and allow decision rules to be developed to guide future decisions.

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Definitions:

Equipment Account

An account that tracks the cost of equipment a company owns, minus any accumulated depreciation.

Liability Account

An account that records obligations or amounts owed to others that will require a future outflow of resources.

Liabilities

Financial obligations or debts owed by a business to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Debits

Accounting entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.