T-Accounts Are Frequently Used in Textbooks, Demonstration Problems, and Examinations

question 88

Multiple Choice

T-accounts are frequently used in textbooks, demonstration problems, and examinations to accumulate information about the effects of business transactions on individual balance sheet accounts and to prepare the balance sheet.Alternatively, to accomplish the same objectives, some instructors and students might prefer to use

• A)a computer spreadsheet program.
• B)P-accounts, only.
• C)a single-entry bookkeeping system.
• D)P&L-accounts.
• E)L-accounts, only.

---

Definitions:

Ancient Greeks

Refers to the people of Greece and their civilizations that flourished from the 8th century BC to the end of antiquity.

Flash Mob

A group of people who assemble suddenly in a public place, perform an unusual act for a brief time, then quickly disperse, often for the purposes of entertainment or satire.

Four Humors

An ancient and obsolete medical theory that suggested the body is comprised of four fluids that influence health and temperament.

Abnormal Behavior

Actions or patterns of activity that deviate significantly from what is considered typical or normal within a certain culture or society, which may or may not be indicative of a psychological disorder.