The double-entry system is a logical method for recording transactions and results in equal amounts for debits and credits for each transaction.

Name: The double-entry system is a logical method for recording transactions and results in equal amounts for debits and credits for each transaction.
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Question

Quizplus · Accepted Answer

The double-entry system requires each transaction to have both a debit and a credit entry, which ensures that the total amount debited equals the total amount credited in the ledger.

The Double-Entry System Is a Logical Method for Recording Transactions