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In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned in which it is collected

In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned in which it is collected

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned O in which it is collected
Transcribed Image Text:In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned O in which it is collected
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