Ask Question
BusinessBusiness
24 June, 19:00

All of the following occur with a double-entry accounting system except a. Every transaction affects at least two accounts. b. The sum of all debits is always equal to the sum of all credits in each journal entry. c. The accounting equation remains in balance. d. Each business transaction will have only two entries.

+5
Answers (1)
  1. 24 June, 19:14
    0
    d. Each business transaction will have only two entries.

    Explanation:

    The double-entry accounting system refers to the accounting system in which there are two sides. One is debit and one is credit

    Depending upon the transactions the one account is debited while the other account is credited

    In a double-entry accounting system, the sum of all debits is always equal to the sum of all credits. Moreover by the accounting equation remains in balance, and for passing the journal entries, the transaction affects a minimum of two accounts, it can be more.

    But there is no surety, that each business transaction will have only two entries it can be more also that would depend on the nature of the transactions
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “All of the following occur with a double-entry accounting system except a. Every transaction affects at least two accounts. b. The sum of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Tyson is a 25% partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and land with a fair value of $8,000 (inside basis of $12,000) to Tyson.
Answers (1)
Describe how taxes can be used to affect people's behavior
Answers (1)
The extent to which a firm engages in the various value chain activities, from initial activities all the way to after-sales activities, is called a. a joint venture partnership b. product outsourcing c. vertical scope d. horizontal scope e.
Answers (2)
Complete the statements describing investments by filling in the correct words. Different investments have different levels of a. savings b. risks c. interest and offer different rates of return. For example, investing in property a.
Answers (2)
Jetson Spacecraft Corp. shows the following information on its 2015 income statement: sales = $316,547; costs = $219,406; other expenses = $8,481; depreciation expense = $18,633; interest expense = $14,216; taxes = $15,217; dividends = $10,678.
Answers (1)
New Questions in Business
2. Let's work out a simple example where a person smooths her consumption over time. Gwen is a real estate agent, and she knows that she will have some good years and some bad years.
Answers (1)
What is the process of an economy's increasing industrialization, standard of living, and economic wealth.
Answers (2)
the context of bringing the code of ethics of a company to life, which of the following statements is true when experts try to advocate a forceful, integrated approach to ethics?
Answers (1)
Privatisation leads to ... A) Lower productivity and lower profit B) Higher productivity and higher profit C) Higher productivity and lower profit D) lower producitivity and lower profit
Answers (1)
As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash $ 10,000 Accounts receivable 9,000 Supplies 6,000 Equipment 5,000 Accounts payable 11,000 A. Armani, Capital, Dec. 31, 2018 16,000 A.
Answers (1)
Home » Business » All of the following occur with a double-entry accounting system except a. Every transaction affects at least two accounts. b. The sum of all debits is always equal to the sum of all credits in each journal entry. c.
Sign Up Forgot Password?