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

Name: The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.
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Quizplus · Accepted Answer

The double-entry system requires that each transaction is recorded with at least two accounts, resulting in equal debits and credits. This ensures that the accounting equation (Assets = Liabilities + Equity) is always in balance.

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