A Transaction in Which There Are at Least Two Parts

question 13

Multiple Choice

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

• A)Register.
• B)Trial balance.
• C)Journal entry.
• D)Balance sheet.
• E)None of these.

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Definitions:

Communist

A political and economic ideology advocating for a classless society, where property and resources are communally owned.

Socialist

Pertaining to a political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Political Systems

Political systems refer to the set of formal legal institutions that constitute a government or a state.

Individualistic Systems

Societal frameworks where personal independence and self-reliance are emphasized over collective goals, often leading to a strong sense of competition.