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:

Paraphrase

The act of rewording or rephrasing a text or statement to achieve clearer understanding without changing its original meaning.

Direction

Guidance or instructions on how to perform a task or reach a destination; also refers to the course along which someone or something moves.

Meaningless

Lacking in purpose, value, or significance.

Basic Listening Sequence

A structured method of active listening that involves various techniques such as paraphrasing, reflecting feelings, and summarizing to enhance understanding and communication.