A Transaction That Increases an Asset Account and Decreases a Liability

question 59

True/False

A transaction that increases an asset account and decreases a liability account must also affect another account.

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Definitions:

Racism

Prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.

Poverty

A socioeconomic condition characterized by a lack of financial resources or means necessary to meet basic needs such as food, shelter, and healthcare.

Afrocentricity

An approach that emphasizes the importance of African culture, values, and perspectives in the analysis of social and political phenomena.

Minority

A group within a society that is differentiated by racial, religious, ethnic, linguistic, or cultural attributes and often has fewer members than the majority group.