When Two Accounts Are Required in One Journal Entry the Entry

question 5

Multiple Choice

When two accounts are required in one journal entry the entry is referred to as a

• A) balanced entry.
• B) simple entry.
• C) posting.
• D) nominal entry.

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Definitions:

Financial Cooperatives

Member-owned financial institutions that provide savings, credit and other financial services to their members.

Commercial Banks

Commercial banks are financial institutions that accept deposits, offer checking account services, and make loans to individuals and businesses.

Horizontal Merger

A business consolidation that occurs between two firms that operate in the same industry, often aimed at increasing market share and reducing competition.

Conglomerate Merger

A type of merger where two companies that operate in entirely different industries combine resources or operations.