FanDuel and DraftKings Were Profitable in 2016 Due to Federal

question 53

True/False

FanDuel and DraftKings were profitable in 2016 due to federal laws protecting their existence.

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Definitions:

Rent Expense

An expense account that records the cost incurred by a business to utilize property or equipment for operations.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, reflected on the left side of an account.

Credit

An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is also used to refer to the provision of resources by a credit provider to a borrower.

Expenses

Costs incurred in the process of earning revenues, generally categorized as operating or non-operating.