A Simple Tool That Is Widely Used in Accounting to Represent

question 212

Multiple Choice

A simple tool that is widely used in accounting to represent a ledger account and to understand how debits and credits affect an account balance is called a:

• A)Dividends account.
• B)Equity account.
• C)Drawing account.
• D)T-account.
• E)Balance column sheet.

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Definitions:

Consumers

People or organizations that use economic goods and services for personal, household, or organizational purposes.

Price Ceilings

A legal maximum on the price at which a good can be sold, often set by government.

Sellers

Sellers are individuals or entities that offer goods or services in exchange for payment.

Price Ceilings

A legal maximum price set by the government for goods or services, intended to protect consumers by preventing prices from rising above a certain level.