Double-Entry Accounting Dictates That

question 67

Multiple Choice

Double-entry accounting dictates that:

• A) transactions be entered twice into the same account and then reversed.
• B) transactions are categorized into two offsetting accounts that reflect the two sides of every transaction.
• C) for transactions that are missed, we compensate by doubling at least one other entry.
• D) balances be double-checked by another employee and an auditor.

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Definitions:

Social Theory

A framework or set of ideas that aims to explain how societies function, change, and develop.

Indirect Costs

Expenses not directly attributable to a specific product or service but necessary for the general operation of a business.

Deontological Theories

Ethical theories positing that the morality of an action depends on its adherence to rules or duties, regardless of the outcome.

Motives

The reasons or driving forces behind individuals' actions or decisions.