Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 25 - No. 24)
What is the fundamental concept behind double-entry bookkeeping?
Every transaction affects only one account.
The sum of all debits must equal the sum of all credits.
Only cash transactions are recorded.
Only sales and purchase transactions are recorded.
Explanation
Double-entry bookkeeping ensures that for every transaction, the debits must equal the credits.
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