What is meant by the term double-entry bookkeeping?
What will be an ideal response?
All transactions affect the accounting equation in at least two places.
Double-entry bookkeeping is necessary to maintain the balance of the accounting equation, assets = liabilities + equity.
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When a chef explains to his staff how food borne illnesses occur, she is delivering this type of informative presentation
A) incident B) mechanism C) process D) ideas
Issues addressed in an LLC operating agreement include all but which of the following?
A) member responsibilities B) voting rights C) management D) articles of incorporation
Probate costs are costs associated with
A) outstanding loans due. B) drawing up the life insurance contract. C) validating your will and distributing your estate. D) providing an ongoing maintenance fund.
Accounting practices and procedures used to prepare financial statements are called ________
A) SEC B) IFRS C) GAAP D) IRB