Adjusting Entries Affect Only Expense and Asset Accounts

question 80

True/False

Adjusting entries affect only expense and asset accounts.

---

Definitions:

Gold Standard

An economic system where a fixed amount of gold serves as the standard unit of currency.

Branch Banking

Refers to a banking system where a single bank operates multiple outlets or branches, providing a range of banking services in different locations.

Banking Laws

Legislation that governs the operation of banks and other financial institutions, including regulations on lending, deposit taking, and investments.

State Charters

Legal authorizations granted by U.S. states that allow specific institutions, typically banks or corporations, to operate within those states.