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.

---

Definitions:

Worse Off

A situation in which an individual's or group's economic position or welfare has deteriorated.

Introduction

Introduction refers to the beginning or initial section of a document, presentation, or any form of communication designed to provide an overview or frame the subsequent content.

Illegal

Illegal refers to actions or activities that are forbidden by law.

Organize Unions

The process by which workers form or join labor unions to negotiate collectively with their employers for better wages, working conditions, and other employment terms.