Double-entry accounting is an accounting system:
A)That records each transaction twice.
B)That records the effects of transactions and other events in at least two accounts with equal debits and credits.
C)In which the impact of each transaction is checked twice to ensure there are no errors.
D)That may only be used if T-accounts are used.
E)That records the effects of transactions on at least two financial statements.

Question

Quizplus · Accepted Answer

Double-entry accounting is an accounting system that records the effects of transactions and other events in at least two accounts with equal debits and credits. This ensures accuracy and completeness in the recording of financial transactions.

Double-Entry Accounting Is an Accounting System