An Accounting System Is Referred to as a Double-Entry System

question 54

Multiple Choice

An accounting system is referred to as a double-entry system because:

• A) both what is received and what is given in exchange are recorded.
• B) transactions are recorded in both the journal and ledger.
• C) all entries are checked twice to ensure accuracy.
• D) transactions are recorded twice by separate individuals to ensure accuracy.

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Definitions:

Butanal

An aldehyde with the formula C4H8O, characterized by having a carbonyl group at the end of a four-carbon chain.

Butanoic Acid

A saturated four-carbon fatty acid with a carboxylic acid functional group; known for its unpleasant smell.

Major Organic

Refers to the primary or most abundant organic compound formed as a product in a chemical reaction.

Methyl Ester

Organic compounds formed by replacing the hydrogen of an acid by a methyl group, with the general structure RCOOCH3.