With respect to double entry accounting systems, which of the following statements is true?

Question

Quizplus · Accepted Answer

Statement A is true because every transaction affects at least two accounts, and one account is debited while the other account is credited. 
Statement B is true because the accounting equation (Assets = Liabilities + Equity) should always balance. 
Statement C is true because of the fundamental accounting equation, where every debit entry must have a corresponding credit entry, ensuring that the debits and credits balance. 
Statement D is false because even gifts have an impact on the financial statements and need to be recorded as such in the accounting system. Therefore, the correct choice is E, as all three statements are true.

With Respect to Double Entry Accounting Systems, Which of the Following