Mastering Double-Entry Bookkeeping
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Questions and Answers

What is the primary purpose of double-entry bookkeeping?

  • To detect financial errors and fraud (correct)
  • To record only credits
  • To record only assets
  • To record only debits

    • In double-entry bookkeeping, a transaction always affects how many accounts?

  • One
  • Three
  • Two (correct)
  • Four

    • What are the two corresponding sides in the double-entry system called?

  • Asset and liability
  • Credit and debit (correct)
  • Cash and loan payable
  • Income and expense

    • In a double-entry bookkeeping transaction, what must always be equal?

    <p>Total debits and total credits</p> Signup and view all the answers

    If a business takes out a bank loan, which accounts are affected in the double-entry bookkeeping system?

    <p>Asset and liability</p> Signup and view all the answers

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