The Fact That Each Transaction Has a Dual Effect on the Accounting

question 23

Multiple Choice

The fact that each transaction has a dual effect on the accounting equation provides the basis for what is called:

• A) single-entry accounting.
• B) double-entry accounting.
• C) compound-entry accounting.
• D) multiple-entry accounting.
• E) re-allocation of accounting.

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Definitions:

Breach of Contract

The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.

Caveat Emptor

A legal principle that the buyer assumes the risk of quality in a purchase unless protected by warranty.

Sale of Goods Act

Legislation governing the sale of goods, including provisions on the formation of contracts, descriptions of goods, quality, and return policies.

Organically Grown

Refers to food produced without the use of synthetic pesticides, fertilizers, and other non-natural methods.