Contributed Capital by Owners Is One Source of Long-Term Funds

question 44

True/False

Contributed capital by owners is one source of long-term funds and is considered a type of long-term liability.

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Definitions:

Segregation Of Duties

A fundamental internal control principle that divides responsibilities within an organization to reduce risks of errors or fraud.

Bank Reconciliation

The process of comparing the bank's records with the company's own records of its bank account to identify discrepancies.

Cash Receipts

Money received by a business from transactions, including sales, loan proceeds, and investment income.

Cash Disbursements

The process involving the outflow of cash for various purposes, including expenses, inventories, and other business operations.