An Accounting Device Used to Record Increases and Decreases in Individual

question 138

Multiple Choice

An accounting device used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and withdrawals is a(n)

• A) chart of accounts.
• B) account.
• C) trial balance.
• D) footing.

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Definitions:

AASB 11

An accounting standard that sets out the financial reporting requirements for entities that have an interest in arrangements that are controlled jointly (joint arrangements).

Joint Control

A situation where the strategic financial and operating policy decisions of a business arrangement are determined by unanimous consent of the parties sharing control.

Unilateral Control

The power exerted by one entity over another without the need for mutual agreement or cooperation.

Strategic Operating Decisions

Decisions that affect the overall direction and operations of a company, focusing on long-term goals and objectives.