A Compound Journal Entry Has More Than Two Accounts,but the Total

question 128

True/False

A compound journal entry has more than two accounts,but the total dollar value of the debits still must equal the total dollar value of the credits.

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Definitions:

Finance Lease

A type of lease in which it is assumed that the lessee will use the leased asset for a significant portion of its useful life, and the lease payments cover the full cost of the asset along with providing a return to the lessor.

Secured Transaction

A financial agreement in which the borrower pledges collateral to the lender to secure repayment of a loan.

Cisg

The United Nations Convention on Contracts for the International Sale of Goods, a treaty providing a uniform framework for international commercial transactions.

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, often used for power.