In a One-To-Many Relationship, One Record in the First Table

question 66

True/False

In a one-to-many relationship, one record in the first table matches many records in the second table, but one record in the second table matches only one record in the first table.

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Definitions:

Allowance for Doubtful Accounts

A contra-asset account that represents an estimate of the amount of accounts receivable which may not be collected, reducing the gross amount of receivables reported on the balance sheet.

Balance Sheet

A report detailing a firm's assets, liabilities, and owners' equity at a particular moment, offering a glimpse into its financial health.

Contra-Asset Account

An account on a company's balance sheet that reduces the value of a related account.

Bank Reconciliations

The process of matching and balancing figures in accounting records with those presented in a bank statement to ensure they are in agreement and accurate.