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ACCOUNTING 201 CHAPTER 2 TRUE-FALSE STATEMENTS A new account is opened for each transaction entered into by a business firm. The recording process becomes more efficient and informative if all transactions are recorded in one account. When the volume of transactions is large recording them in tabular form is more efficient than using journals and ledgers. An account is often referred to as a T-account because of the way it is constructed* A debit to an account indicates an increase in that...
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What is a new account is?
A new account is a financial account opened by an individual or entity for the first time.
Who is required to file a new account is?
Any individual or entity who opens a new financial account is required to file a new account.
How to fill out a new account is?
To fill out a new account, one must provide personal or business information, such as name, address, and Social Security Number.
What is the purpose of a new account is?
The purpose of a new account is to establish a record of the financial relationship between the account holder and the financial institution.
What information must be reported on a new account is?
Information such as personal or business identification, contact details, and financial information must be reported on a new account.
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