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:

Concrete Evidence

Concrete evidence refers to tangible, specific proof that leaves little room for doubt or questioning in the context it is presented.

Value Judgment

An assessment that reflects personal beliefs or opinions about the worth, desirability, or importance of something.

Cultural Norm

Shared behaviors, values, or beliefs that are considered acceptable or standard within a specific culture.

Conventional Wisdom

A widely accepted belief or opinion that may not always be based on fact or thorough knowledge.