The process whereby every transaction or event has at least two accounting entries is known as:
A)the accounting equation.
B)ledger accounting.
C)double-entry bookkeeping.
D)the cash equation.

Question

Quizplus · Accepted Answer

Double-entry bookkeeping is the process of recording financial transactions in which every transaction or event has at least two accounting entries, one debit and one credit, to ensure accuracy and completeness of financial records. The accounting equation is a fundamental concept in accounting that describes the relationship between assets, liabilities, and equity, but it is not specifically related to double-entry bookkeeping. Ledger accounting refers to the process of recording and tracking financial transactions in a ledger, which is a book or electronic system for recording financial information. The cash equation is not a recognized term in accounting.

The Process Whereby Every Transaction or Event Has at Least