Group
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following is incorrect?
Group of answer choices
A. In a double-entry accounting system every transaction will affect at least two accounts.
B. Across all accounts, the total amount of debits must always equal the total amount of credits.
C. A debit can be recorded on either side of the t-account depending on the type of account.
D. The difference between the total debit and credit amounts for an account is called the account balance.
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