A Double-Entry Bookkeeping System Is Based on the Principle That

question 61

Multiple Choice

A double-entry bookkeeping system is based on the principle that the company's assets are equal to ____.

• A) capital minus its liabilities
• B) liabilities minus its capital
• C) assets plus its liabilities
• D) assets minus its liabilities
• E) capital plus its liabilities

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Definitions:

Varied

Characterized by diversity or difference; not uniform or consistent.

Federal Legislation

Laws passed by the federal government of a country, which apply to all regions and individuals within that country.

Constitutional Rights

Fundamental rights protected by the constitution, including freedom of speech, religion, and the right to fair treatment under the law.

Authoritative Person

An individual recognized or accepted as being in a position of authority or possessing a high level of knowledge and expertise in a particular field.