The Double-Entry System Requires How Many of the Following to Be

question 29

Multiple Choice

The double-entry system requires how many of the following to be true?
i. At least one account should be debited and one account credited
ii. Credits should always be entered into the journal before debits
iii. The accounting equation should stay in balance

• A) 0
• B) 1
• C) 2
• D) 3

---

Definitions:

Third-Party Payments

Payments made by someone other than the direct parties involved in a transaction, often seen in healthcare where insurance companies pay for services on behalf of patients.

Insurance Companies

Financial institutions that provide coverage against specified losses in exchange for premiums, mitigating financial risks for individuals and businesses.

Aging Population

A demographic trend characterized by an increase in the proportion of older individuals within a society, often leading to social, economic, and healthcare challenges.