In Recording an Accounting Transaction in a Double-Entry System

question 93

Multiple Choice

In recording an accounting transaction in a double-entry system,

• A) the number of accounts to be debited must equal the number of accounts to be credited.
• B) there must always be entries made on both sides of the accounting equation.
• C) the amount of the debits must equal the amount of the credits.
• D) there must only be two accounts affected by any transaction.

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Definitions:

Working Group

A group of individuals who come together to achieve a specific goal or task, typically within a professional context.

Collective Responsibilities

The shared duties and obligations of a group where each member is accountable to one another for the group's outcomes.

Multigenerational Teams

Work groups or teams that consist of members from various generations, bringing diverse perspectives and experiences.

Achievement Orientation

this refers to an individual's or group's persistent effort and motivation to reach a specific, usually high, standard of accomplishment.