The System of Accounting in Which Every Transaction Affects at Least

question 54

True/False

The system of accounting in which every transaction affects at least two accounts is called the double-entry system.

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Definitions:

Veto Power

The authority to reject or prohibit proposals or laws, often held by a president, governor, or other leader.

Separation of Powers

The division of a state's government into branches, each with separate, independent powers and responsibilities, to prevent abuse of power and to provide a system of checks and balances.

Checks and Balances

A system in government where different branches are empowered to prevent actions by other branches and are induced to share power, maintaining a balance.

Civil Liberties

Individual rights protected by law from unjust governmental or other interference.