Double-Entry Accounting Is an Accounting System

question 223

Multiple Choice

Double-entry accounting is an accounting system:

• A)That records each transaction twice.
• B)That records the effects of transactions and other events in at least two accounts with equal debits and credits.
• C)In which the impact of each transaction is checked twice to ensure there are no errors.
• D)That may only be used if T-accounts are used.
• E)That records the effects of transactions on at least two financial statements.

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