Which one of the following is a characteristic of the double entry system?
A) For every debit in every account, there must be a corresponding credit of the same dollar amount in the same account.
B) The total dollar value of debits and credits must equal the total value of assets and liabilities.
C) For every asset recorded in the accounting records, there must be a corresponding liability of the same dollar amount.
D) The total dollar amount of debits must equal the total dollar amount of the credits.
Correct Answer:
Verified
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