The Equality of Debits and Credits Is the Basis for

question 47

Multiple Choice

The equality of debits and credits is the basis for

• A) the T account.
• B) all accounting systems.
• C) the single-entry accounting system.
• D) the double-entry accounting system.

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Definitions:

Strict Liability

A legal doctrine in tort law that makes a person or entity responsible for damages or harm caused, regardless of negligence or fault.

Defective Condition

A flaw in a product that makes it unsafe for its intended or reasonably foreseeable use.

Abnormally Risky

Refers to activities or operations that inherently involve a higher than normal risk of causing harm to others or the environment, typically requiring special insurance or safety measures.

Negligence Per Se

A doctrine in tort law in which an act is considered negligent because it violates a statute or regulation.