__________Requires That Each Transaction Affect, and Be Recorded In, at Least

question 154

Short Answer

__________requires that each transaction affect, and be recorded in, at least two accounts. It also means that total amounts debited must equal total amounts credited for each transaction.

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Definitions:

Supremacy Clause

The provision in Article VI of the U.S. Constitution that declares the Constitution, laws, and treaties of the United States "the supreme Law of the Land."

Article VI

A section of the United States Constitution that establishes the Constitution, federal statutes, and treaties as the supreme law of the land, overriding state laws.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource.

Average Product

Output per unit of a particular input.