_____ and ______ Are the Two Categories of Values

question 18

Multiple Choice

_____ and ______ are the two categories of values.

• A)Cultural, social
• B)Personal, cultural
• C)Religious, personal
• D)Family, religious
• E)Cultural, family

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Definitions:

Accounting Equation

A fundamental principle of accounting expressing the relationship between assets, liabilities, and equity.

Decreases

A reduction in the size, quantity, or importance of something.

Posting

The process of recording financial transactions in the ledger of an accounting system, an essential step in the accounting cycle.

Transaction

A business event or exchange between two or more parties that has a financial impact on the accounts of the entities involved.