INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 150

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-If your budget shows a deficit,[increase income | increase expenses] to regain balance.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Posting

The process of transferring journal entry amounts to respective accounts in the ledger.

Equality

A principle ensuring that individuals are treated similarly, without any discrimination based on race, gender, ethnicity, religion, or social status.

Debits and Credits

The two sides of every financial transaction in accounting. Debits increase assets or expenses and decrease liabilities or equity, whereas credits do the opposite.

Account Titles

Names given to various accounts used in accounting to classify and organize financial transactions.