An accounting system that involves recording the effects of each transaction as debits and credits is
A) completing one T account.
B) the double-entry system.
C) preparing financial statements.
D) analyzing a business transaction.

Question

Quizplus · Accepted Answer

The double-entry system is an accounting system that involves recording the effects of each transaction as debits and credits. Completing one T account, preparing financial statements, and analyzing a business transaction are all steps within the double-entry system, but they are not the system itself.

An Accounting System That Involves Recording the Effects of Each