Every Transaction

question 22

Multiple Choice

Every transaction:

• A) must increase at least one account and decrease at least one account.
• B) must debit at least one account and credit at least one account.
• C) is recorded in either the journal or the ledger.
• D) affects both an income statement account and a balance sheet account.

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Definitions:

Service Sector

The segment of the economy that provides services rather than goods, including industries like healthcare, education, and finance.

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Genetic Engineering

The modification of an organism's characteristics by manipulating its genetic material, often to include traits that do not occur naturally.

Social Inequality

The unequal distribution of resources, opportunities, and privileges among individuals or groups in a society.