Regarding the double-entry system,which of the following statements is incorrect?
A) A transaction would be incomplete if only one side were recorded.
B) Because of technology, the use of the double-entry system of accounting is optional.
C) The double-entry system is a system of accounting in which every transaction affects at least two accounts.
D) If office supplies are purchased on account, the account Office Supplies increases and the account Accounts Payable increases.

Question

Quizplus · Accepted Answer

The use of the double-entry system of accounting is not optional, it is a fundamental principle of accounting. It ensures accuracy in recording transactions and maintaining the balance of accounts. While technology may have changed the way transactions are recorded and reported, the concept of double-entry accounting remains the same.

Regarding the Double-Entry System,which of the Following Statements Is Incorrect