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Commerce · Q2731

Accounting

Graduate and Post Graduate · Commerce · question 2731

Q2731

Double entry system of bookkeeping refers to a system where:

A.
the number of accounts with a debit balance must agree with the number of accounts with the credit balance
B.
each transaction is recorded twice, once in journal and then in ledger
C.
equal debit and credit entries are made for each transaction
Answer
D.
each transaction is recorded in two set of account books

Answer: Option C

Solution

Answer: Option C
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