The double-entry accounting system means:a) Recording each transaction in two accountsb) Debits and credits must always balancec) Each transaction has a dual effect on the accounting equationd) Both b and c are correct

Explanation of Recording Each Transaction in Two Accounts: The double-entry system requires that…

Answered: The double-entry accounting system…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 1TF: The matching principle in accounting requires the matching of debits and credits.

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Similar questions

The duality of effects can best be described as follows:a. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result.b. When an exchange takes place between two parties,both parties must record the transaction.c. When a transaction is recorded, both the balance sheetand the income statement must be impacted.d. When a transaction is recorded, one account willalways increase and one account will always decrease.
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
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.
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
The double-entry accounting system means A. Each transaction is recorded with two journal entries. B. Each item is recorded in a journal entry, then in a general ledger account. C. The dual effect of each transaction is recorded with a debit and a credit. D. None of these answer choices are correct.
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
The words debit and credit are used in two ways in accounting: to debit an account and a debit balance. Explain both usages of the terms debit and credit.
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
What is the name of the system of accounting for recording transactions, based on recording increases and decreases in accounts so that debits equal credits. Group of answer choices income statement system asset system double-entry accounting system accounting equation system
The following accounts have normal debit balances:a. Assetsb. Liabilitiesc. Revenuesd. All of the listed accounts have a normal debit balance.
ME9The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:a) A journalb) A ledgerc) Postingd) A trial balances

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The double-entry accounting system means: a) Recording each transaction in two accounts b) Debits and credits must always balance c) Each transaction has a dual effect on the accounting equation d) Both b and c are correct