Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 3 - No. 48)
What is the fundamental principle of accounting regarding double-entry bookkeeping?
Every transaction affects only one account.
Every transaction affects at least two accounts.
Every transaction only affects the cash account.
Every transaction must be recorded in the sales journal.
Explanation
The double-entry bookkeeping system requires that every transaction affects at least two accounts.
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