Refer to the Figure Below to Answer the Following Questions

question 35

Multiple Choice

Refer to the figure below to answer the following questions.
Figure 7.3.1
-Figure 7.3.1 shows the situation when the government has a budget _______ Investment is _______.

• A)surplus; $10 billion
• B)deficit; $25 billion
• C)deficit; $20 billion
• D)deficit; $10 billion
• E)surplus; $25 billion

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Definitions:

Income Statement Debit

This is not a typical term in accounting as income statements are structured around revenues and expenses rather than debits and credits.

Credit Columns

The sections on the right side of accounting ledgers where credit transactions are recorded.

Chart Of Accounts

A systematic listing of all account titles and numbers being used by an organization to track its financial transactions and prepare financial statements.

Ledger

A comprehensive book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debit and credit entries in separate columns and a beginning and ending balance for each account.