Because of the Special Nature of a Guarantee, There Is

question 81

True/False

Because of the special nature of a guarantee, there is no requirement for consideration.
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.

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Definitions:

Closing Entries

Entries recorded at the close of an accounting period for the purpose of moving balances from temporary to permanent accounts.

Capital Account

An account showing the net worth of a business at a specific point in time, including assets contributed by owners and profits.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and equity at a specific point in time.

Permanent Accounts

Accounts that carry their ending balances from one accounting period to the next, including assets, liabilities, and equity accounts.