Question
What is the concept of double-entry bookkeeping?
What is the concept of double-entry bookkeeping?
Tracking customer payments twice
Generating duplicate invoices
Managing payroll 2x each quarter
Recording every transaction with equal debits and credits
What is the concept of double-entry bookkeeping?
Tracking customer payments twice
Generating duplicate invoices
Managing payroll 2x each quarter
Recording every transaction with equal debits and credits
Answers
Answer
FROM RESPONSES ONLY!!!!!!
Answered by
GPT 3.5
Double-entry bookkeeping is a system of accounting in which every transaction is recorded in at least two accounts, with each transaction having both a debit and a credit entry. This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced. This system helps to maintain accuracy in financial records and provides a clear audit trail for all transactions.
Answered by
GPT 3.5
Recording every transaction with equal debits and credits
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