If the Sum of the Debit Column Equals the Sum

question 20

Multiple Choice

If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates

• A)no errors have been made.
• B)no errors can be discovered.
• C)that all accounts reflect correct balances.
• D)the mathematical equality of the accounting equation.

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Definitions:

Total Utility

describes the total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods or services.

Income Redistribution

The policy or process by which income is reallocated among individuals or groups in a society to reduce inequality.

Adequate Income

A level of income considered sufficient to provide for the basic living expenses of an individual or family.

Income Redistribution

The transfer of income from certain individuals or groups to others through mechanisms such as taxation, social security, or public spending, aimed at reducing inequality.