Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 1 - No. 36)
Which of the following statements is TRUE regarding the recording of a business transaction using the double-entry system?
Only one account is affected.
The accounting equation is not affected.
There will be at least two accounts affected.
Only assets are affected.
Explanation
The double-entry system always affects at least two accounts.
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