The Fact That Each Transaction Has a Dual Effect on the Accounting

question 28

Multiple Choice

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called

• A) single-entry accounting.
• B) compound-entry accounting.
• C) multiple-entry accounting.
• D) double-entry accounting.

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Definitions:

Mid-ocean Ridges

Underwater mountain ranges formed by the upwelling of magma where tectonic plates are diverging, key sites of seafloor spreading.

Granodiorite

A coarse-grained igneous rock similar to granite but with more plagioclase feldspar compared to orthoclase feldspar.

Pillow Basalt

A basaltic lava flow that includes pillow structures.

Continental Collision

An event occurring when two continental plates converge, leading to mountain building, earthquakes, and other geologic phenomena.