An Accounting System in Which Every Business Transaction Is Recorded

question 71

Multiple Choice

An accounting system in which every business transaction is recorded in an asset account,a liability account,or an owner's equity account in order for the system to balance is known as which of the following?

• A) Double-entry accounting
• B) Open book accounting
• C) Managerial accounting
• D) Cost accounting

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Definitions:

Nikola Khrushchev

A Soviet politician who served as the leader of the Soviet Union during part of the Cold War, known for initiating the de-Stalinization process and facing the Cuban Missile Crisis.

Tehran Conference

A strategy meeting of Joseph Stalin, Franklin D. Roosevelt, and Winston Churchill from 28 November to 1 December 1943, during World War II, held in Tehran, Iran, which focused on war strategy and post-war reorganization.

Yalta Conference

Meeting of Franklin D. Roosevelt, Winston Churchill, and Joseph Stalin at a Crimean resort to discuss the postwar world on February 4–11, 1945; Joseph Stalin claimed large areas in eastern Europe for Soviet domination.

Iron Curtain

Term coined by Winston Churchill to describe the Cold War divide between western Europe and the Soviet Union’s eastern European satellites.