The equality of debits and credits is the basis for
A) the T account.
B) all accounting systems.
C) the single-entry accounting system.
D) the double-entry accounting system.

Question

Quizplus · Accepted Answer

The equality of debits and credits is the foundation of the double-entry accounting system, where every transaction must have at least one debit and one credit entry, and the total amount of debits must always equal the total amount of credits. This ensures accurate and balanced financial records. The T account and single-entry accounting system are both examples of accounting methods that use the principles of the double-entry system.

The Equality of Debits and Credits Is the Basis for