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…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 16DQ: The words debit and credit are used in two ways in accounting: to debit an account and a debit...

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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.
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
In recording an accounting transaction in a double-entry system the number of debit accounts must equal the number of credit accounts. there must always be entries made on both sides of the accounting equation. the amount of the debits must equal the amount of the credits. there must only be two accounts affected by any transaction.
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.
Under the double-entry system of accounting, every transaction affects at least two accounts. True False
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