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Double-entry System Facts

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Double-entry System Facts

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Select yes to agree and no to disagree with these statements about the double-entry system.

Created by

K Augustin
K Augustin
Saint Lucia

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Double-entry System Facts
 

Double-entry System FactsOnline version

Select yes to agree and no to disagree with these statements about the double-entry system.

by K Augustin
1

The double entry system is based on the principle of "every debit has a corresponding credit.

2

Only businesses use the double entry system, not individuals.

3

The double entry system is only used in manual bookkeeping

4

The double entry system ensures that the accounting equation always remains balanced.

5

Every transaction affects at least two accounts.

 
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