When recording transactions in two or more accounts and the totals of the debits and credits are equal, it is called
A) debiting.
B) crediting.
C) posting.
D) double-entry bookkeeping.

Question

Quizplus · Accepted Answer

Double-entry bookkeeping is a system of accounting where every transaction is recorded in at least two accounts and the total debits must always equal the total credits. This helps to ensure accuracy and reduce errors in accounting records. Therefore, when the totals of the debits and credits are equal, it is a key indicator that the double-entry bookkeeping system is being followed correctly.

When Recording Transactions in Two or More Accounts and the Totals