In the double-entry accounting system, each transaction:
A)involves exactly two accounts.
B)involves at least two accounts.
C)involves an asset account and a liability account.
D)involves a liability account and an equity account.

Question

Quizplus · Accepted Answer

In the double-entry accounting system, each transaction must involve at least two accounts to keep the accounting equation balanced. This means that for every debit entry, there must be a corresponding credit entry. The accounts involved can be any combination of asset, liability, equity, revenue, or expense accounts, not just asset and liability or liability and equity accounts.

In the Double-Entry Accounting System, Each Transaction