Trust Is the Confidence a Person Has in the Promises

question 205

True/False

Trust is the confidence a person has in the promises or actions of another person, brand, or company.

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Definitions:

Balance Sheet

A document that captures the financial standing of a company at a certain date, outlining its assets, debts, and the equity held by shareholders.

Work Sheet

An informal document used by accountants during the accounting cycle to compile information from the general ledger for the preparation of financial statements and adjusting journal entries.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s accounts for the next period.

General Journal

A comprehensive accounting record of all transactions made by a company, listed in chronological order and used in preparing financial statements.