Which of the following statements is not true?
A)Assets must always equal liabilities plus shareholders' equity.
B)The total value of credits in all accounts must always equal the total value of debits in all accounts.
C)The net changes in assets must always equal the sum of the net changes in liabilities and shareholders' equity.
D)The number of credits posted must equal to number of debits posted.

Question

Quizplus · Accepted Answer

Every transaction must have at least one debit and one credit, so the number of credits posted must always equal the number of debits posted.

Which of the Following Statements Is Not True