Double-entry bookkeeping is a system of accounting in which:
a. it is ideal for credits to be greater than debits.
b. it is ideal for debits to be greater than credits.
c. each transaction is recorded in the same account twice.
d. only foreign and domestic accounts are used.
e. the debit total must equal the credit total for the transactions as a whole.
e
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The ability-to-pay principle is most closely tied to the concept of
A. horizontal equity in taxation. B. fiscal federalism. C. vertical equity in taxation. D. the benefits principle of tax equity.
Assume the graph shown represents the market for pizzas sold in an hour. If the original equilibrium was D and S1. Which of the following is true when S1 shifted to S2?
A. Equilibrium price increased by $5. B. Equilibrium quantity increased by 20. C. Equilibrium quantity increased by 30. D. Equilibrium price decreased by $5.