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:

Grassroots Amendment

An alteration or addition to a constitution or law proposed or initiated by citizens or lower-level organizations rather than government officials.

Referendum

A referendum is a direct vote in which an electorate is asked to either accept or reject a particular proposal, which can be a new law, a policy change, or a constitutional amendment.

Recreational Marijuana

Cannabis used for enjoyment rather than for medical purposes, legalized in some jurisdictions under specific regulations.

Law Passed

The successful enactment of a bill into law after it has been approved by the legislative body and, usually, the head of the government.