Every Business Transaction Is Recorded by a Debit to a Balance

question 129

True/False

Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account.

---

Definitions:

Explicit Costs

Direct financial payments made to acquire resources or services for business operations.

Total Economic Costs

The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.

Entrepreneur's Talent

The unique set of skills, creativity, and vision that an entrepreneur brings to identifying and exploiting new business opportunities.

3-D Printers

Machines that create three-dimensional objects by layering material according to digital models, used in manufacturing, medicine, and more.