Every transaction increases at least one account and decreases at least one account.

Name: Every transaction increases at least one account and decreases at least one account.
Brand: Quizplus
Rating: 4.7 (34 reviews)

Question

Quizplus · Accepted Answer

A transaction may have any combination of increases and decreases.For example,a purchase of equipment on account increases both equipment and accounts payable.What is true is that every transaction is recorded with at least one debit and at least one credit.

Every Transaction Increases at Least One Account and Decreases at Least