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
Chapter1: Financial Statements And Business Decisions
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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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