A ______ Is Something That Has Been Directly Observed to Be

question 38

Short Answer

A ______ is something that has been directly observed to be true or can be proven to be true by verifiable evidence.

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Definitions:

Bookkeeping Accounts

The records of the financial transactions and positions of a business, systematically organized for reporting and analysis.

Double-entry Bookkeeping

An accounting practice where every financial transaction is entered as both a debit in one account and an equivalent credit in another, ensuring the books are always balanced.

Revenues and Expenses

Financial terms referring to the income generated from business activities (revenues) and the costs incurred (expenses) during a specified period.

Single-entry System

An accounting method where each transaction is recorded with a single entry to the financial records.