The system of accounting in which there are at least two accounts affected in every transaction so that the accounting equation stays in balance is called
A)debit.
B)credit.
C)double-entry.
D)full disclosure.

Question

Quizplus · Accepted Answer

The principle of double-entry accounting ensures that for every transaction, there is a debit to one account and a credit to another. This ensures that the accounting equation of assets equal to liabilities plus equity is always in balance. Choice A (debit) and B (credit) are not accurate as they are just one aspect of double-entry accounting. Choice D (full disclosure) refers to the principle of providing all necessary information in financial statements, which is not directly related to the system of double-entry accounting.

The System of Accounting in Which There Are at Least