The Account Is the Basic Summary Device of Accounting

question 62

True/False

The account is the basic summary device of accounting.

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Definitions:

Herbert Simon

was an American economist and cognitive psychologist known for his contributions to decision-making theory and artificial intelligence.

Nobel Laureate

An individual who has been awarded the Nobel Prize, recognizing outstanding contributions to humanity in fields such as literature, peace, economics, medicine, and science.

Cross-Association

A connection or correlation between two or more variables or entities from different contexts or domains.

Capital Markets

Financial markets where long-term debt or equity-backed securities are bought and sold.