Question: A double - entry accounting system is an accounting system: That records each transaction twice that records the effect of each transactio in at least

A double-entry accounting system is an accounting system:
That records each transaction twice
that records the effect of each transactio in at least two accounts, with at least one debit and one credit.
In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!