Question

Double-entry bookkeeping requires that every transaction be recorded in ______ places.

a) One
b) Two
c) Three
d) Four"

Answer 1

Double-entry bookkeeping requires that every transaction be recorded in two places.

Step-by-step explanation:

Double-entry bookkeeping requires that every transaction be recorded in two places. This is based on the concept of the accounting equation, which states that assets must equal liabilities plus equity. Each transaction affects at least two accounts, with one account debited and another account credited.