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The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called

Guide :High School

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called (Points : 3) single-entry accounting. compound-entry accounting. multiple-entry accoun
Double entry accountingA decrease in an asset account can be offset by a decrease in a liability account. For example, if you make a payment on a debt, you reduced your cash (asset) and your accounts payable (liability). In terms of the accounting equation (A = L + C) you would be decreasing your assets (everything held by the business) and your liabilities (creditors' claims on the assets). ...

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