Which of the Following Is Not True with a Double-Entry

question 72

Multiple Choice

Which of the following is not true with a double-entry accounting system?

• A) The accounting equation remains in balance.
• B) The sum of all debits is always equal to the sum of all credits in each journal entry.
• C) Each business transaction will have two debits.
• D) Every transaction affects at least two accounts.

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Definitions:

British North American Colonies

The British North American Colonies were the territories in North America controlled by Britain until the American Revolution, including the 13 colonies that declared independence in 1776.

Imperial Authorities

Imperial authorities refer to the governing bodies or individuals, such as emperors and their administrations, that hold supreme power in an empire, overseeing wide territories and diverse populations.

Paper Money

A type of currency issued by nations' governments or central banks, representing a government's obligation to pay the amount printed on it.

Massachusetts

A state in the northeastern United States, significant for its role in early American history, especially during the American Revolution.