Double-Entry Accounting Is

question 85

Multiple Choice

Double-entry accounting is

• A)An accounting system that records the effects of transactions and other events in at least two accounts with equal debits and credits.
• B)An accounting system that disregards the accounting equation, A = L + E.
• C)An accounting system in which errors never occur.
• D)An accounting system in which the sum of the debit account balances never equals the sum of the credit account balances.
• E)An accounting system in which each transaction affects and is recorded in two or more accounts with unequal debits and equal credits.

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Definitions:

Contrary

In logic, refers to propositions that cannot both be true simultaneously, though they can both be false.

Proposition

A proclamation that reflects a judgment or viewpoint.

Singular Proposition

A statement or claim about a specific individual or distinct object.

Contrary

Refers to statements or propositions that cannot both be true at the same time, but can both be false.