An Accountant Has Debited an Asset Account for $900 and Credited

question 32

Multiple Choice

An accountant has debited an asset account for $900 and credited a liability account for $600.What can be done to complete the recording of the transaction?

• A) Debit a stockholders' equity account for $300.
• B)Debit another asset account for $300.
• C)Credit a different asset account for $300.
• D)Nothing further must be done.

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Definitions:

Assimilation

The cognitive process by which a person integrates new ideas, experiences, or information into existing cognitive structures.

Schema

Cognitive structures or frameworks that help organize and interpret information, forming the basis of knowledge and understanding.

Preoperational

A stage in Piaget's theory of cognitive development, during which a child from about 2 to 7 years old begins to engage in symbolic play but does not yet understand concrete logic.

Formal Operational

The final stage of cognitive development (as per Jean Piaget's theory), characterized by the ability to think abstractly, logically, and systematically.