The Double-Entry Accounting System Means

question 6

Multiple Choice

The double-entry accounting system means

• A)Each transaction is recorded with two journal entries.
• B)Each item is recorded in a journal entry, then in a general ledger account.
• C)The dual effect of each transaction is recorded with a debit and a credit.
• D)More than one of the above.

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Definitions:

Blanket

In a general context, a large fabric designed for warmth, but in various fields can mean a broad coverage or application of something.

Partial

Incomplete or not whole; affecting only a part of something.

Transfer for Value

In insurance law, the assignment or transfer of a policy from the original policy owner to another party in exchange for consideration.

Negotiation

The process of discussing terms in order to reach a mutually acceptable agreement.