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.

Calculate the operating cycle and its components in various business scenarios.

Understand and calculate the accounts payable period.

Evaluate and interpret the cash cycle in different operational changes and conditions.

Understand the concept of normal distribution in the context of IQ scores.

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Definitions:

Goods and Services

Goods and services constitute the output produced by an economy, with goods being tangible items and services being intangible offerings that value to consumers.

Specialization

The process of focusing effort and resources on a specific area of production or knowledge to increase efficiency and output.

Absolute Advantage

The ability of a country, individual, or firm to produce a greater quantity of a good or service than competitors using the same amount of resources.

Living Standards

A measure of wealth, comfort, material goods, and necessities available to individuals or societies, often associated with income, employment, class disparity, and poverty rates.