The Good Thing About Laws Is That They Can Be

question 97

True/False

The good thing about laws is that they can be written to take care of all contingencies that arise during the course of life.

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Definitions:

Financial Statement

A written record that conveys the business activities and the financial performance of a company; main statements include balance sheet, income statement, and cash flow statement.

Temporary/Permanent

Refers to accounts within accounting practices; temporary accounts are reset each accounting period, while permanent accounts carry their ending balance into the next period.

General Journal Entries

The initial records where all financial transactions of a business are noted, using the double-entry method of accounting.

Account Balance

The amount of money in a financial repository at any given moment, which can include debts owed or credits available.