The system of accounting where each transaction effects two or more accounts and the sum of the debit entries equals the sum of the credit entries is called:

Question

Quizplus · Accepted Answer

The system described in the question is double-entry accounting, where each transaction affects two or more accounts and the total amount debited always equals the total amount credited. The other options presented, single entry accounting and twin accounting, are not commonly used accounting systems, and debit and credit accounting is simply one aspect of the double-entry accounting system.

The System of Accounting Where Each Transaction Effects Two or More