The essential point of the double-entry system of accounting is that every transaction
A: affects accounts on both sides of the balance sheet.
B: is recorded in both the journal and the ledger.
C: increase one ledger account and decrease another.
D: affects two or more ledger accounts and is recorded by an equal amount of debits and credits.
A: affects accounts on both sides of the balance sheet.
B: is recorded in both the journal and the ledger.
C: increase one ledger account and decrease another.
D: affects two or more ledger accounts and is recorded by an equal amount of debits and credits.
举一反三
- Double-entry accounting is an accounting system: () A: That records each transaction twice. B: That records the effects of transactions and other events in at least two accounts with equal debits and credits. C: In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. D: That may only be used if T-accounts are used.
- The double-entry system requires that each transaction must be recorded ( ) A: in at least two different accounts B: in two sets of books C: in a journal and a ledger D: first as a revenue and then as an expense
- Translate the following sentence from English into Chinese. When the transaction is recorded in the ledger, the debits and credits are entered in different accounts.
- Which of the following statement is true? A: In a given journal entry there may be ten debits and only one credit. B: When an expense account is debited some asset account must be credited. C: The journal and the ledger contain the same information. D: The ledger gives more details about a transaction than the journal does.
- Which one of the following is not the purpose of a receivables ledger control account? A: A receivables ledger control account provides a check on the arithmetical accuracy of the personal ledger. B: A receivables ledger control account helps to locate errors in the trial balance. C: A receivables ledger control account ensures that there are no errors in the personal ledger. D: Control accounts help deter fraud