Double-Entry Accounting Means That Each Transaction

question 55

Multiple Choice

Double-entry accounting means that each transaction:

• A)increases at least one account and decreases at least one account.
• B)debits at least one account and credits at least one account.
• C)is recorded in both the journal and in the ledger.
• D)affects both an income statement account and a balance sheet account.

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Definitions:

Minimum Wage

The lowest legally permissible wage that employers can pay their employees.

Surplus Of Labor

A situation where the supply of labor exceeds the demand, often resulting in unemployment or downward pressure on wages.

Union Workers

Employees who are members of a labor union, which negotiates wages, working conditions, and other benefits on their behalf.

Wage Advantage

The relative benefit or superior compensation an employee receives, making a position more attractive compared to others.