An accounting system in which every business transaction is recorded in an asset account,a liability account,or an owner's equity account in order for the system to balance is known as which of the following?
A) Double-entry accounting
B) Open book accounting
C) Managerial accounting
D) Cost accounting

Question

Quizplus · Accepted Answer

Double-entry accounting is a system where every transaction affects at least two accounts, ensuring that the accounting equation (Assets = Liabilities + Owner's Equity) remains balanced.

An Accounting System in Which Every Business Transaction Is Recorded