Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 25 - No. 12)
Which of the following is a reason for using double-entry bookkeeping?
To ensure that the accounting equation always balances.
To simplify the process of recording transactions.
To reduce the number of accounts used.
To eliminate the need for financial statements.
Explanation
Double-entry bookkeeping is used to keep the accounting equation balanced (Assets = Liabilities + Equity).
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