Double- Entry Accounting Means That Each Transaction

question 19

Multiple Choice

Double- entry accounting means that each transaction:

• A)debits at least one account and credits at least one account.
• B)is recorded in both the journal and in the ledger.
• C)increases at least one account and decreases at least one account.
• D)affects both an income statement account and a balance sheet account.

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Definitions:

Trickle-Down Theory

The assertion that stimulating overall economic growth will ultimately help the poor.

Economic Growth

An increase in the production of economic goods and services, compared from one period of time to another, and often measured by GDP (Gross Domestic Product).

Wealth Flows

The movement of financial resources and assets between individuals, families, or countries, impacting economic stability and development.

International Labour Organization

A United Nations agency founded in 1919 that sets international labor standards and promotes rights at work, encouraging decent employment opportunities and enhancing social protection.