Every Transaction

question 178

Multiple Choice

Every transaction:

• A)increases one account and decreases another account.
• B)has at least two effects on the basic accounting equation.
• C)affects only balance sheet accounts or only income statement accounts.
• D)is analyzed from the standpoint of the business owners.

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Definitions:

Copyrighted Work

A piece of intellectual property that has been legally registered to secure exclusive rights to its creator for reproduction and distribution.

Ten Years

A time period equal to a decade or 10 consecutive years.

Tangible Property

Physical assets that can be seen, touched, and measured, such as real estate, vehicles, machinery, and other material possessions.

Furniture

Movable items designed to support various human activities such as seating, eating, and sleeping, as well as to hold objects at a convenient height for work.