Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 31 - No. 9)
What is the definition of double-entry bookkeeping?
Every transaction affects only two accounts.
Every transaction increases the debit balance.
Every transaction affects two or more accounts with equal debits and credits.
Every transaction affects the bank accounts.
Explanation
Double-entry bookkeeping ensures that the accounting equation (Assets = Liabilities + Equity) always balances.
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