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fakendiana lamonier
on Dec 16, 2024

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The double-entry accounting system records each transaction twice.

Double-Entry Accounting

A bookkeeping system that records each transaction in two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.

Transaction Recorded Twice

This refers to a bookkeeping error where a financial transaction is mistakenly entered into an accounting system more than once, potentially distorting financial statements.

  • Acquire knowledge on the concept of double-entry bookkeeping.
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Christine NacionalDec 21, 2024
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