Which of the Following Statements About Equilibrium Are True?
I $\Delta$

question 73

Multiple Choice

Which of the following statements about equilibrium are true?
I. $\Delta$ G_sys = 0
II. $\Delta$ S_sys = 0
III. $\Delta$ S_universe = 0

• A) I only
• B) II only
• C) III only
• D) both I and II
• E) both I and III

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Definitions:

Voucher System

A control mechanism in accounting where vouchers are used to authorize the disbursement of cash and record financial transactions.

Net Method

A method of recording purchases or invoices at their net price after deducting any purchase discounts.

Invoice Paid

A document or notation indicating that payment has been made for a particular invoice, clearing the amount owed.

Periodic Inventory Method

A method of inventory valuation where the cost of goods sold is determined at the end of an accounting period based on a physical count.