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
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
举一反三
- 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.
- 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.
- What is meant by a prime entry record? A: An entry to the ledger accounts B: The initial recording of a transaction within the accounting system C: The recording of the debit side of a double entry D: The sum of the direct costs incurred during production
- 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.
- What is the specific order of the recording process? A: Journal, trial balance, financial statements, ledger, transaction documentation B: Transaction documentation, journal, ledger, trial balance, financial statements C: Transaction documentation, ledger, journal, trial balance, financial statements D: Trial balance, financial statements, ledger, journal, transaction documentation E: Ledger, journal, transaction documentation, trial balance, financial statements