It Is Important to Remember That the Fundamental ________ of Accounting

question 74

Multiple Choice

It is important to remember that the fundamental ________ of accounting is the debit and credit recording activity where debits always equal credits.

• A)effect
• B)end product
• C)outcome
• D)identity

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Definitions:

Nominal Rate

The interest rate before adjustments for inflation, often referred to in the context of loans and savings.

Rate Of Inflation

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Supply And Demand

The relationship between the quantity of a commodity available and the desire for that commodity, determining its market price.

Interest Rate

The proportion of a total amount of money that is levied for borrowing it, commonly stated as a yearly percentage rate.