Each Item in a Financial Statement Is an Account

question 85

True/False

Each item in a financial statement is an account.

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Definitions:

Descent

The lineal lineage or ancestry from ancestors, often used in reference to the transmission of cultural or genetic inheritance.

Kinship System

The network of social relationships that form an important part of the cultures of most societies, often based on blood relations, marriage, or adoption.

Fewest Number

The smallest quantity or count in a set or group of objects, people, or entities.

Genetically Close

Describing organisms or individuals that share a high degree of genetic similarity, often implying close kinship or common ancestry.