The total amount of debits must equal the total amount of credits. This is a rule of:
A)T-accounts.
B)the chart of accounts.
C)double-entry accounting.
D)normal balances.

Question

Quizplus · Accepted Answer

The rule that total debits must always equal total credits is the foundational principle of double-entry accounting, which is a system that accounts for both sides of every business transaction. T-accounts and the chart of accounts are simply tools or frameworks used within the double-entry accounting system. Normal balances refer to the expected balance of an account type (debit or credit) and do not relate directly to this rule.

The Total Amount of Debits Must Equal the Total Amount