Q258
Double entry accounting system includes
A.
Accrual accounting only
B.
Cash accounting only
C.
Both cash and accrual accounting
AnswerD.
None of the above
Answer: Option C
Solution
Answer: Option C
Solution:
Double entry accounting system includes both cash and accrual accounting. Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts.