Question: Which statement about double entry accounting is false it looks at both the debit and credit sides of an account it ensures, the journal is

Which statement about double entry accounting is false
it looks at both the debit and credit sides of an account
it ensures, the journal is always balance
it does not require the total value of credit accounts and debit account to be equal

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!

Q:

27 of 31 What characteristic is true of deprecation? Only facilities are depreciated. Once an asset is fully depreciated, the organization should replace it. Depreciation is the only expense where...

Q:

IFMA Finance and Business Module 1) A facility manager submits a request for building management to repair a broken window in their new space. What type of cost is this? 1. Direct cost 2. Fixed cost...

Q:

1) A facility manager submits a request for building management to repair a broken window in their new space. What type of cost is this? 1. Direct cost 2. Fixed cost 3. Opportunity cost 4. Indirect...

Q:

1) What type of cost is the oil needed to maintain a large piece of equipment? a) Opportunity cost b) Fixed cost c) Variable cost d) Indirect cost 2) A new piece of equipment requires special...

Q:

What information should not be included in a business case? Facility management food service does not have a formally approved internal biling rate. The markup percentages for catered events vary...

Q:

1. Double entry accounting means that: a. Every transaction requires a debit and a credit entry, or two debit entries, or two credit entries are required. b. For every transaction there must be at...

Q:

Which statement about double - entry accounting is false? It does not require the total value of credit accounts and debit accounts to be equal. It requires transactions to be recorded in at least...

Q:

Which statement about double-entry accounting is false? a) It looks at both the debit and credit sides of an account. b) It requires transactions to be recorded in at least two places. c) It does not...

Q:

Which statement about double-entry accounting is false? a) It requires transactions to be recorded in at least two places. b) It does not require the total value of credit accounts and debit accounts...

Q:

I need help with a trial balance. Task 2: Sophia provides you with a list of business use these transactions to demonstrate the first fou transaction, using double entry accounting to reco them to...

Q:

During the 2011-2012 NFL regular season, kicker Lawrence Tynes of the Super Bowl winning New York Giants attempted 24 field goals, making 19. Of the kicks, he made 15 out of 16 that were for less...

Q:

On November 1, 2014, Jean Higgins organized a new consulting firm called The Higgins Group. On November 30, 2014, the company's records showed the following items. Use this information to prepare a...

Q:

b ) y = - 8 - 6 lnx + 8 x - 7 dydx =

Q:

how are yo connect with the learning style? if you identifie yourself with the read/writing learning. explain why ?

Q:

Although benefits account for a large share of employee compensation, many feel there is little evidence on whether an employer receives an adequate return on the benefits investment. One suggestion...

Q:

Your company, like many others, is experiencing doubledigit percentage increases in health care costs. What suggestions can you offer that may reduce the rate of cost increases?

Q:

Three popular interventions for enhancing worker satisfaction are job enrichment, job rotation, and role analysis. What are the critical differences between these interventions, and under what...