Double entry implies that
Correct answer: C. Recording two aspects of every transaction
- A. Recording entries in journal
- B. Recording entries in Ledger account
- C. Recording two aspects of every transaction
- D. Recording every transaction in books
Explanation
Double entry means every transaction is recorded through two equal aspects, such as a debit and a credit. It is not limited to recording in the journal or ledger alone.
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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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