Answered: Quickbooks uses a system called double…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Quickbooks uses a system called double entry accounting. What does this mean? A. An income or Expense account needs to be part of each transaction. B. There are at least two accounts involved in each transaction to include at least one debit and one credit. C. Two different classifications of accounts are part of each entry, so you cannot have an entry going to two different asset accounts. D. The equity and asset accounts are involved in every transaction.

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