A journal entry affecting three or more accounts is called a
A) multi-level entry.
B) multi-step entry.
C) compound entry.
D) simple entry.

Question

Quizplus · Accepted Answer

A compound entry is a journal entry that affects three or more accounts. This type of entry is used when multiple transactions occur at the same time and need to be recorded in a single entry. Compound entries are more complex than simple entries because they involve multiple accounts, and they may involve debiting and crediting different accounts.

A Journal Entry Affecting Three or More Accounts Is Called