What are the fundamentals of the accounting process?
A)Journals and ledgers
B)The accounting equation and the double-entry bookkeeping system
C)The accounting equation and the accounting cycle
D)The double-entry bookkeeping system and the accounting cycle
E)Ledgers and financial statements

Question

Quizplus · Accepted Answer

The fundamentals of the accounting process are the accounting equation, which ensures that the balance sheet remains balanced, and the double-entry bookkeeping system, which records each transaction in two accounts to maintain this balance.

What Are the Fundamentals of the Accounting Process