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

question 56

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.

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Definitions:

Frictional Unemployment

Short-term unemployment that arises from the process of matching workers with jobs and occurs even in healthy economies.

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product much more efficiently than with individual craftsmanship.

Cyclically Unemployed

Individuals who are unemployed due to the downturn in the business cycle, such as during a recession.

Structurally Unemployed

Individuals who are unemployed due to a mismatch between their skills and the requirements of the current job market, often because of technological changes or shifts in the economy.