The Double Entry System of Accounting Ensures That All the Debits

question 41

True/False

The double entry system of accounting ensures that all the debits will equal all the credits in an entry.

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External Benefit

A positive effect of a transaction or activity on a third party who is not involved in the transaction, also known as a positive externality.

Private Decisions

Choices made by individuals or businesses in the private sector, typically regarding consumption, investment, or production.

Efficiency

The effectiveness with which resources are used to achieve a desired outcome, maximizing outputs from given inputs without waste.

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