The Accounting System Uses a Device Called an Account

question 39

Multiple Choice

The accounting system uses a device called an account.An account

• A)is created each time a transaction takes place.
• B)accumulates the increases and decreases that occur during the period for a single item.
• C)is created only for income statement items.
• D)is created only for balance sheet items.
• E)is created only for statement of cash flows items.

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