Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 3 - The Accounting Information System - Review and Practice - Questions - Page 127: 5


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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