In a double-entry accounting system, the total amount debited must always equal the total amount credited.

Name: In a double-entry accounting system, the total amount debited must always equal the total amount credited.
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Quizplus · Accepted Answer

This is the fundamental principle of double-entry accounting, known as the accounting equation or the balance sheet equation: Assets = Liabilities + Equity. Every transaction must be recorded with equal amounts debited and credited to maintain the equality of the accounting equation.

In a Double-Entry Accounting System, the Total Amount Debited Must