Which of the Following Is True About T Accounts

question 99

Multiple Choice

Which of the following is true about T accounts?

• A) The left side of a T account is called the debit side.
• B) The left side of a T account is called the credit side.
• C) The right side of a T account is called the debit side.
• D) Transactions are first recorded in T accounts and then posted to the journal.

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Definitions:

Scarce Resources

Resources that are limited in supply and cannot meet all the wants and needs of a society.

Trade-offs

Decisions that involve sacrificing one goal or benefit in order to gain another, often used in the context of economic and financial planning.

Free Lunch

An expression that suggests there is no such thing as a benefit without a corresponding cost, even if the cost is not immediately apparent.

Maximum Benefit

The highest level of advantage or gain that can be achieved from an action or decision, considering all relevant constraints and alternatives.