The double-entry system requires how many of the following to be true?
i. At least one account should be debited and one account credited
ii. Credits should always be entered into the journal before debits
iii. The accounting equation should stay in balance

Question

Quizplus · Accepted Answer

The double-entry system requires at least one account to be debited and one account to be credited (i), and the accounting equation to stay in balance (iii). However, credits can be entered into the journal before debits or vice versa, as long as both entries are made eventually. Therefore, (ii) is not a requirement for the double-entry system. Thus, option C is the best choice as it includes both i and iii.

The Double-Entry System Requires How Many of the Following to Be