Examlex

Solved

Which of the Following Statements Is TRUE

question 12

Multiple Choice

Which of the following statements is TRUE?


Definitions:

Accounts Receivable

Dues from clients to a corporation for goods or services already benefited from but yet to be paid for.

Debit Entries

Accounting records that increase an asset or expense account, or decrease a liability, equity, or revenue account.

Credit Entries

Accounting entries that increase liability or equity accounts or decrease asset or expense accounts.

Cash Account

An account recording all transactions involving cash inflows and outflows.

Related Questions