Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 45 - No. 8)
What does the term 'double-entry bookkeeping' refer to?
Recording each transaction twice.
Recording each transaction in two different ledgers.
The principle that for every transaction, there is an equal impact on the assets and liabilities of a business.
Using two different types of accounting software.
Explanation
Double-entry bookkeeping involves recording the effects of a transaction twice to keep the accounting equation in balance.
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