Double-entry bookkeeping is a system of accounting in which:
A)it is ideal for credits to be greater than debits.
B)it is ideal for debits to be greater than credits.
C)each transaction is recorded in the same account twice.
D)only foreign and domestic accounts are used.
E)the debit total must equal the credit total for the transactions as a whole.

Question

Quizplus · Accepted Answer

Double-entry bookkeeping requires that every transaction be recorded as both a debit and a credit, with the values of the debits and credits being equal. This ensures accuracy in financial record keeping and helps to prevent errors and fraud. Therefore, option E is the correct choice.

Double-Entry Bookkeeping Is a System of Accounting in Which