Double-entry accounting means that each transaction:
A)increases at least one account and decreases at least one account.
B)debits at least one account and credits at least one account.
C)is recorded in both the journal and in the ledger.
D)affects both an income statement account and a balance sheet account.

Question

Quizplus · Accepted Answer

Double-entry accounting requires that each transaction is recorded with both a debit and a credit. This means that at least one account will be debited and at least one account will be credited. This ensures that the accounting equation (assets = liabilities + equity) remains in balance.

Double-Entry Accounting Means That Each Transaction