Asked by
Chris Kenney
on Nov 15, 2024
Verified
In recording an accounting transaction in a double-entry system,
A) the number of accounts to be debited must equal the number of accounts to be credited.
B) there must always be entries made on both sides of the accounting equation.
C) the amount of the debits must equal the amount of the credits.
D) there must only be two accounts affected by any transaction.
Double-Entry System
An accounting system that records each transaction twice, as debits in one account and credits in another, to ensure the accounting equation remains balanced.
Accounting Equation
The fundamental equation stating that Assets = Liabilities + Equity, which is the basis of the double-entry bookkeeping system.
- Learn the core principles governing the double-entry method of bookkeeping.
- Appreciate the importance of maintaining the equality of debits and credits.
Verified Answer
KM
Learning Objectives
- Learn the core principles governing the double-entry method of bookkeeping.
- Appreciate the importance of maintaining the equality of debits and credits.
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