For the Basic Accounting Equation to Stay in Balance, Each

question 85

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:

Scientific Observation

The process of gathering information or data through the senses or scientific instruments in a systematic manner.

Interpretation of Data

The process of analyzing data to uncover patterns or meaning, often leading to insights or conclusions.

Biological Psychology

A branch of psychology that explores the connections between biological processes and psychological phenomena.

Physiology Activity

Processes and functions of living organisms and their parts, including physical and chemical activities.