A Transaction That Decreases an Asset Account and Increases a Liability

question 125

True/False

A transaction that decreases an asset account and increases a liability account must also affect one or more other accounts.

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Definitions:

Trade Barriers

Measures implemented by countries to regulate or restrict trade with other countries, including tariffs, quotas, and import bans, typically aimed at protecting domestic industries.

NATO

NATO, the North Atlantic Treaty Organization, is a military alliance formed in 1949 by countries in North America and Europe to provide collective security against aggression.

Pact of Brussels

An agreement signed in 1948 by five Western European nations, forming a mutual defense pact that preceded NATO.

Konrad Adenauer

The first Chancellor of the Federal Republic of Germany (West Germany) from 1949 to 1963, noted for his role in the country's post-war reconstruction and development.