The Report Form of the Balance Sheet Lists Liabilities and Owners

question 67

True/False

The report form of the balance sheet lists liabilities and owners' equity below assets.

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Definitions:

Redundancy

In technology and engineering, redundancy refers to the inclusion of extra components that are not strictly necessary to functioning, aimed at increasing reliability of the system, typically in the case of a failure or fault.

Independence

The state or quality of being autonomous; free from external control or influence.

Master Data Management

A method of managing the organization's critical data to ensure consistency, accuracy, stewardship, and accountability across multiple systems and entities.

Data Governance

The management of data availability, usability, integrity, and security in an organization.