Regarding the Double-Entry System,which of the Following Statements Is Incorrect

question 46

Multiple Choice

Regarding the double-entry system,which of the following statements is incorrect?

• A) A transaction would be incomplete if only one side were recorded.
• B) Because of technology, the use of the double-entry system of accounting is optional.
• C) The double-entry system is a system of accounting in which every transaction affects at least two accounts.
• D) If office supplies are purchased on account, the account Office Supplies increases and the account Accounts Payable increases.

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Definitions:

Professional Selling

The process and activities required to effectively develop, manage, enable, and execute a mutually beneficial, interpersonal exchange of goods and/or services for equitable value.

Break-Even Point

the point at which total costs and total revenue are equal, meaning a business is neither making a profit nor taking a loss, serving as a critical financial analysis metric.

Direct Costs

Expenses that can be directly attributed to the production of specific goods or services, such as raw materials and labor.

Segmenting

The process of dividing a broader market into smaller, more defined categories of consumers who share similar characteristics or needs.