If the Debit Portion of an Adjusting Entry Is to an Asset

question 47

True/False

If the debit portion of an adjusting entry is to an asset account, then the credit portion must be to a liability account.

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Definitions:

Long-Term Memory

A type of memory capable of storing large amounts of information for potentially unlimited duration.

Short-Term Memory

A component of human memory system that is capable of holding a small amount of information in mind in an active, readily available state for a short period of time.

Encoding Specificity

The principle that recall is most effective when the cues present at the time of learning are also present at the time of retrieval.

Recall

The act of retrieving information or memories from one's past, often without external cues.