Proof of Stake Consensus Is Most Often Needed for and Implemented

question 73

Multiple Choice

Proof of Stake consensus is most often needed for and implemented by:

• A) Blockchain networks with low traffic
• B) Permissioned blockchains
• C) Blockchains that manage wealth and assets
• D) Public blockchains

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Definitions:

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and available for use.

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances to reflect accurate and fair financial statements.

Closing Entry

An accounting entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, transferring the net income or loss to the owner's equity.