An Accountant Has Debited an Asset Account for $1,000 and Credited

question 48

Multiple Choice

An accountant has debited an asset account for $1,000 and credited an expense account for $2,000. Which of the following would be an incorrect way to complete the recording of the transaction?

• A)Credit an asset account for $1,000.
• B)Credit a liability account for $1,000.
• C)Credit a shareholders' equity account for $1,000.
• D)Debit a shareholders' equity account for $1,000.

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Definitions:

Prime Working Age

Individuals who are in the age group considered to be in their most productive years, typically between 25 and 54 years old.

Labor-Force Participation Rates

The percentage of the adult population that is either employed or actively seeking employment.

Unemployment Rate

The level of unemployment within the labor force among those who are vigorously searching for jobs.

Economy

The system or range of economic activities in a particular area, involving the production, distribution, and consumption of goods and services.