The System of Accounting in Which Every Transaction Affects at Least

question 54

True/False

The system of accounting in which every transaction affects at least two accounts is called the double-entry system.

---

Definitions:

Client-visits

The act of meeting with clients or potential clients, often for the purposes of discussing business opportunities, providing services, or strengthening relationships.

Activity Variance

The difference between the budgeted and actual amount of an activity, such as hours worked or units produced, affecting budget and cost planning.

Budgeting

A financial planning process that involves the estimation of future revenues and expenses over a specified period.

Personnel Expenses

Costs associated with employing staff, including wages, benefits, and taxes.