When Recording Transactions in T-Account Format, We Must Add an Additional

question 43

Multiple Choice

When recording transactions in T-account format, we must add an additional step to the transaction analysis process. Which of the following is the additional step?

• A) Determine if the affected accounts are increased or decreased by the transaction.
• B) The accounting equation must remain in balance after each transaction.
• C) We must have equal debits and credits once the entry is recorded in the accounts.
• D) Determine what accounts and elements in the equation are affected by the transaction.

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Definitions:

Natural Selection

The process by which biological traits become either more or less common in a population due to the effect on the survival and reproduction of individuals.

Divine Creator

A supreme being believed to be responsible for the creation of the universe and life within it.

Argument From Design

The Argument from Design is a philosophical argument for the existence of God, suggesting that the universe's complexity and order imply a designer.

William Paley

An English clergyman and philosopher known for his argument of the teleological design, specifically the watchmaker analogy.