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The fact that transactions affect two separate accounts of a business is called:
Suggested Answer: A
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28 comments · newest first
AN
Annice
10 months ago
Accrual accounting is something else entirely!
EI
Eileen
11 months ago
Totally agree, double-entry is the standard!
AL
Alyce
11 months ago
Wait, is that really the right term?
FR
France
11 months ago
I thought it was called compound-entry accounting?
JU
Justa
11 months ago
It's definitely double-entry accounting!
CO
Cortney
12 months ago
I’m almost certain it’s double-entry accounting. It’s the fundamental concept that every transaction affects two accounts, right?
LU
Lucina
12 months ago
I keep mixing up double-entry and compound-entry accounting. I feel like I need to review those terms again.
GA
Gaynell
12 months ago
I practiced a similar question last week, and I’m pretty confident it’s double-entry accounting. It’s the one that ensures the accounting equation stays balanced.
CA
Carla
1 year ago
I think it's double-entry accounting, but I’m not completely sure. I remember it being about balancing debits and credits.
NA
Natalie
1 year ago
I've got this! The fact that transactions affect two separate accounts is the definition of double-entry accounting.
SH
Sherman
1 year ago
Wait, is it double-entry or compound-entry? I'm getting a bit confused between the two.
JO
Josphine
1 year ago
Okay, I remember learning about double-entry accounting in class. I think that's the right answer here.
BL
Blondell
1 year ago
Hmm, I'm a little unsure about this one. I'll have to think it through carefully.
AN
Anthony
1 year ago
This one seems straightforward - I'm pretty sure the answer is double-entry accounting.
VA
Vallie
1 year ago
Double-entry accounting? More like double the fun, am I right? But seriously, it's the way to go.
CA
Casie
1 year ago
C) accrual accounting
HE
Helaine
1 year ago
B) double-entry accounting
BI
Billy
1 year ago
A) compound-entry accounting
ON
Ona
1 year ago
Double-entry accounting is the way to go! It's like a see-saw for your business finances.
HE
Hermila
1 year ago
I was always confused by the terminology, but double-entry accounting does a great job of tracking debits and credits.
JE
Jerilyn
1 year ago
It's definitely a key principle in accounting to prevent errors and fraud.
NO
Nobuko
1 year ago
Double-entry accounting is a fundamental concept in accounting that helps maintain accuracy.
KR
Kristel
1 year ago
I agree, it helps ensure that the accounting equation stays in balance.
CA
Casey
1 year ago
Yes, double-entry accounting is essential for keeping track of both sides of a transaction.
VI
Virgina
1 year ago
Double-entry accounting makes the most sense to me. It's the foundation of modern accounting practices.
TR
Truman
1 year ago
I'm not sure, but I think double-entry accounting makes sense because it helps maintain the balance in the accounting equation.
GE
Gerald
2 years ago
I agree with Delpha. Double-entry accounting is when transactions affect two separate accounts.
DE
Delpha
2 years ago
I think the answer is B) double-entry accounting.