A journal entry in which two or more account is debited or credited is referred as____________?
Correct answer: A. Compound entry
- A. Compound entry
- B. Multi entry
- C. Additional entry
- D. Journal entry
Explanation
A compound entry involves two or more accounts on the debit side, the credit side, or both. A simple entry has only one debit and one credit account.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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