Double Entry Accounting Requires That Every Entry Must Include at Least

question 102

True/False

Double entry accounting requires that every entry must include at least one debit and at least one credit.

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Definitions:

Ounce

An ounce is a unit of weight commonly used in the United States and Britain, equivalent to 1/16 of a pound or about 28.35 grams.

Pounds

A unit of weight commonly used in the United States, equivalent to 0.453592 kilograms, or a British currency (GBP).

Hedged Delivery

A strategy used in trading and finance to minimize risk by taking compensating positions in related securities or commodities.

Futures Contracts

Legal agreements to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future.