For the Basic Accounting Equation to Stay in Balance Each

question 55

Multiple Choice

For the basic accounting equation to stay in balance each transaction recorded must

• A) affect two or less accounts.
• B) affect two or more accounts.
• C) always affect exactly two accounts.
• D) affect the same number of asset and liability accounts.

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Definitions:

Political Party

An organized group of people with similar political aims and opinions, that seeks to influence public policy by getting its candidates elected to public office.

Win Elections

The aim and process political candidates and parties undergo to gain office by receiving a majority or plurality of votes in an election.

Official Power

The legal authority vested in a person holding a governmental office or position to make decisions, enact policies, or command resources.

Political Party

A collective of individuals united by broadly similar political goals and views, aiming to impact governmental policy through the election of its members to positions of power.