An account's balance is the difference between the total debits and total credits for the account, including any beginning balance. ()
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Owner's equity is not affected when cash is received from customers in payment of previously recorded accounts receivable. ()
The Securities and Exchange Commission () is a government agency that has legal authority to establish GAAP. ()
The three major types of business activities are operating, financing, and investing. ()
A perpetual inventory system continually updates accounting records for inventory transactions. ()