Double-Entry Accounting Is Characterized by Which of the Following

question 71

Multiple Choice

Double-entry accounting is characterized by which of the following?

• A) Every transaction affects both an asset account and either a liability account or an equity account.
• B) The number of ledger accounts with debit balances is equal to the number with credit balances.
• C) The total dollar amount of debit entries posted to the ledger is equal to the dollar amount of the credit entries.
• D) The number of debit entries posted to the ledger equals the number of credit entries.

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