The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.

Name: The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.
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Question

Quizplus · Accepted Answer

The double-entry system ensures that every transaction is recorded in two accounts with equal debits and credits, providing a system of checks and balances to ensure accuracy in financial recording.

The Double-Entry System Is a Logical Method for Recording Transactions