The double-entry accounting system means
A) Each transaction is recorded with two journal entries.
B) Each item is recorded in a journal entry, then in a general ledger account.
C) The dual effect of each transaction is recorded with a debit and a credit.
D) None of these answer choices are correct.

Question

Quizplus · Accepted Answer

The double-entry accounting system means that the dual effect of each transaction is recorded with a debit and a credit. This ensures that each transaction is properly recorded and balanced. Option A is partially correct but not comprehensive, option B is incorrect, and option D is incorrect as well.

The Double-Entry Accounting System Means