The systems of accounting are _____________?
Correct answer: A. Two
- A. Two
- B. Three
- C. Five
- D. Six
Explanation
The two traditional systems are single-entry and double-entry bookkeeping. Double-entry records both aspects of every transaction, while single-entry records only selected aspects.
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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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