A Simple Journal Entry Requires Only One Debit to an Account

question 76

True/False

A simple journal entry requires only one debit to an account and one credit to an account.

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Definitions:

Mutually Exclusive

Events that cannot occur at the same time, meaning the occurrence of one event makes it impossible for the other event to occur.

Exhaustive

Pertaining to a comprehensive or complete method or approach that leaves no aspect unexplored or unaddressed.

Independent Events

Two or more events where the occurrence or outcome of one event does not affect the occurrence or outcome of another.

Intersection of Events

The set containing all the outcomes that are common to two or more events in probability and statistics.