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:

Ethical Relativism

The belief that morality is relative to the norms of one's culture, meaning that what is considered moral in one society may be considered immoral in another.

Morality

Principles concerning the distinction between right and wrong or good and bad behavior.

Natural Law

The philosophy proposing that certain rights or values are inherent by virtue of human nature and universally cognizable through human reason.

Market Value Ethics

Ethical considerations and guidelines regarding how goods and services are valued and exchanged in the market, emphasizing fairness, transparency, and honesty in business practices.