In 2006 and 2007, for the First Time in Decades

question 63

Multiple Choice

In 2006 and 2007, for the first time in decades, in many major urban areas across the U.S.,

• A)property tax rates decreased.
• B)housing prices began to fall.
• C)the NASDAQ stock market lost approximately 70% of its value.
• D)Springfield, Ohio became the nation's Least Affordable Place to Live according to NAHB.

---

Definitions:

Chronological Record

A method of recording events or transactions in the order of their occurrence in time.

Debits and Credits

Accounting entries that either increase or decrease accounts on a company's balance sheet and income statement.

Posting Process

The act of transferring entries from a journal to the corresponding accounts in the ledger as part of the accounting cycle.

Journal

A detailed record of all financial transactions, used as the primary source for all accounting entries.