What does the term Double entry accounting mean? - ProProfs Discuss
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What does the term Double entry accounting mean?



A. That the Income and Expense accounts are always part of every transaction
B. There are always at least two accounts involved in every financial transaction
C. That the Cost of Goods Sold account and the Liabilities account are always part of a transaction
D. The Equity and Asset accounts are always involved in a transaction

This question is part of Accounting Basics for QuickBooks
Asked by Mikeford, Last updated: May 27, 2020

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2 Answers

John Adney

John Adney

Answered Dec 07, 2017

There are at least 2 accounts in every financial transaction.

 

John Smith

John Smith

Answered Mar 30, 2017

There are always at least two accounts involved in every financial transaction
 

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