Double entry means______________?
Correct answer: B. Entry for two aspects of the transaction
- A. Entry in two sets of books
- B. Entry for two aspects of the transaction
- C. Entry at two dates
- D. Entry at two ends
Explanation
Double-entry bookkeeping records both aspects of every transaction, with equal debit and credit effects. It does not mean merely entering information in two books or on two dates.
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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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