Accounting Transactions Must Always Be Realized Prior to Being Recognized

question 72

True/False

Accounting transactions must always be realized prior to being recognized.

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Definitions:

Simplest Form

Simplest form refers to expressing a mathematical expression or fraction in its most reduced terms, with no common factors between the numerator and the denominator.

Multiplicative Inverse

Another term for reciprocal; a number which, when multiplied by the original number, yields the multiplicative identity (1).

Negative Integer

An integer less than zero, represented by a negative sign (-) in front of a positive number.

Distributive Property

A property in mathematics that allows you to multiply a sum by multiplying each addend separately and then adding the products.