The Double-Entry System Requires That Each Transaction Must Be Recorded

question 1

Multiple Choice

The double-entry system requires that each transaction must be recorded

• A) in at least two different accounts.
• B) in a T account.
• C) first as a revenue and then as an expense.
• D) twice.

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Definitions:

Automaker

A company that manufactures and sells vehicles, including cars, trucks, and motorcycles.

Acquires

Obtains ownership or control of another company or asset through purchase or merger.

Split-Up

The splitting up of a company into two or more companies.