The double-entry accounting system is the basis of accounting systems
A) worldwide.
B) worldwide except for the U.S.
C) in the U.S. only
D) neither internationally nor in the U.S.

Question

Quizplus · Accepted Answer

The double-entry accounting system is used worldwide as it provides a clear and standardized way to record financial transactions and ensure accuracy in financial statements. IFRS, which stands for International Financial Reporting Standards, is also used worldwide as a set of accounting standards that promote consistency in financial reporting across different countries.

The Double-Entry Accounting System Is the Basis of Accounting Systems