The Essential Point of a Double-Entry System of Accounting Is

question 88

Multiple Choice

The essential point of a double-entry system of accounting is that every transaction:

• A)Affects accounts on both sides of the balance sheet.
• B)Is recorded in both the journal and the ledger.
• C)Increases one ledger account and decreases another.
• D)Affects two or more ledger accounts and is recorded by an equal dollar amount of debits and credits.

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Definitions:

Categorical Propositions

Statements in logic that assert or deny something about all or some of the members of a category, involving a subject and predicate and following specific forms.

Middle Term

The term that appears in both premises of a categorical syllogism but not in the conclusion, connecting the other two terms.

Syllogism

A method of deducing an outcome from two provided or presumed statements.

Premises

Claims or premises that serve as the foundation for an argument or from which inferences are made.