If a transaction is properly analysed and recorded:(a) Only two accounts will be used to record the transaction.(b) One account will be used to record transaction.(c) One account balance will increase and another will decrease.(d) Total amount debited will equals total amount credited.

If a transaction is properly analysed and recorded:(a) Only two accounts will be used to record the transaction.(b) One account will be used to record transaction.(c) One account balance will increase and another will decrease.(d) Total amount debited will equals total amount credited.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

If a transaction is properly analysed and recorded:
(a) Only two accounts will be used to record the transaction.
(b) One account will be used to record transaction.
(c) One account balance will increase and another will decrease.
(d) Total amount debited will equals total amount credited.

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