The Double-Entry System Requires That Each Transaction Must Be Recorded

question 79

Multiple Choice

The double-entry system requires that each transaction must be recorded

• A) in at least two different accounts.
• B) twice.
• C) in a journal and in a ledger.
• D) as an asset and as a liability.

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Definitions:

Compliance Promotion

Strategies and actions undertaken by regulatory agencies to encourage adherence to laws, regulations, and standards.

Fundamental Principles

Basic concepts or essential beliefs that serve as the foundation for a system, theory, or organization.

Forced Labor

Work that individuals are compelled to do against their will under threat of punishment or some form of penalty.

Discrimination

Unfair treatment of individuals or groups based on characteristics such as race, gender, age, or religion, which can manifest in hiring, promotion, job assignment, and termination practices.