Which Statement About an Account Is True

question 100

Multiple Choice

Which statement about an account is true?

• A)In its simplest form, an account consists of two parts.
• B)An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity items.
• C)There are separate account for specific assets and liabilities but only one account for stockholders' equity items.
• D)The left side of an account is the credit or decrease side.

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Definitions:

Value

The importance, worth, or usefulness of something, often considered in terms of financial, cultural, or personal significance.

Applicants

Individuals or candidates who apply for a job, program, or opportunity.

Locus Of Control

A psychological concept that categorizes individuals based on their belief in personal control over life events, either internally (control lies within oneself) or externally (control lies outside).

Information Processing

The method by which humans take in, interpret, store, and retrieve information.