Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 3 - The Accounting Information System - Questions - Page 132: 5

Answer

She is wrong. The double system of accounting means that for every transaction, there is a debit and credit.

Work Step by Step

The double system means that there is a debit and credit for every transaction and at least two accounts are affected. It doesn't mean that each transaction is recorded twice.
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