All of the Following Statements Are True of Double-Entry Accounting

question 42

Multiple Choice

All of the following statements are true of double-entry accounting except:

• A)There is a need for both debit and credit entries for each and every transaction.
• B)Double-entry accounting can only be used with computer-based accounting systems.
• C)The total dollar amount of debit entries posted to the general ledger is equal to the dollar amount of the credit entries.
• D)Double-entry accounting allows us to measure net income at the same time we record the effect of transactions on the balance sheet accounts.

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Definitions:

Survivor Effect

The phenomenon whereby individuals or entities that make it past a selection process or to a later point in time are not representative of the entire original population.

Mental Disorders

Conditions that affect an individual's thinking, feeling, behavior, or mood, significantly impacting daily life and functioning.

Selective Optimization

A strategy of focusing on maintaining performance in some areas through the use of specifically tailored practices, skills, and abilities.

Compensation Theory

A theory suggesting that individuals attempt to compensate for deficiencies or weaknesses in one area by excelling or overachieving in another area.