Peter,an accountant,enters every transaction in the journal to reflect its impact on assets and its impact on liabilities and owners' equity.He is using
A)a double-entry accounting system.
B)a balance sheet.
C)a financial ratio.
D)breakeven analysis.
E)a financial statement.

Question

Quizplus · Accepted Answer

Peter is using a double-entry accounting system, which requires every transaction to be recorded in at least two accounts, reflecting its impact on assets, liabilities, and owners' equity.

Peter,an Accountant,enters Every Transaction in the Journal to Reflect Its