Double-Entry Accounting Is Characterized by Which of the Following

question 127

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 owners' equity account.
• B)The number of general ledger accounts with debit balances is equal to the number with credit balances.
• C)The total dollar amount of debit entries posted to the general ledger is equal to the dollar amount of the credit entries.
• D)The number of debit entries posted to the general ledger equals the number of credit entries.