The Only Major Difference Between the UCC and the UNCISG

question 49

True/False

The only major difference between the UCC and the UNCISG is the lack of writing requirement under the UNCISG.

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Definitions:

Debit Column

The column in a ledger or financial statement where entries of debit are recorded.

Balance Sheet

Rephrased: The balance sheet is a key financial statement that presents the assets, liabilities, and equity of a company, offering insight into its financial health at a particular moment.

Credits

Entries in accounting that increase liabilities or equity accounts, or decrease asset or expense accounts, reflecting transactions.

Debits

Entries in accounting that are used to record increases in assets or expenses and decreases in liabilities, equity, and revenue.