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 a(an)
A) Double-entry system
B) Debit
C) Credit
D) Journalizing

Question

Quizplus · Accepted Answer

The double-entry system is a method of accounting in which every transaction is recorded in at least two accounts, with one account debited and the other credited. This system ensures that the accounting equation of assets = liabilities + equity remains in balance. Therefore, option A is the correct answer. Option B refers to one aspect of the double-entry system, while option C refers to the recording of one side of a transaction, and option D refers to the process of recording transactions in a journal.

The System of Accounting in Which There Are at Least