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:

Wundt

Wilhelm Wundt, often regarded as the father of experimental psychology, who established the first psychology laboratory in Leipzig, Germany, in 1879.

Nature-Nurture

A debate concerning the relative importance of an individual's innate qualities versus personal experiences in determining or causing differences in physical and behavioral traits.

Stability-Change

A debate within the field of psychology that concerns whether and how much personal characteristics and behavior change or remain stable throughout a person's life.

Person-Situation

Refers to the debate in psychology about the relative influence of personal traits versus situational factors on human behavior.