When Using a Computerized Accounting Information System,transactions Do Not Need

question 36

True/False

When using a computerized accounting information system,transactions do not need to be recorded in a debit and credit format.

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Definitions:

Foreign Exchange Gain

A gain resulting from the increase in value of one currency against another when the currencies are converted.

Loan Payable

A liability representing the amount of money borrowed that is yet to be repaid.

Interest

The cost paid for borrowing money, typically expressed as a percentage of the total amount loaned.

Exchange Rates

The worth of one currency when converting it to another.