Multiple Choice
In recording business transactions using the double entry method (as described in Chapter 3) , which of the following statements is true
A) Both entries must increase accounts
B) One account must increase and the other account must decrease
C) Either or both the accounts may increase or decrease
D) Both entries must decrease accounts
Correct Answer:
Verified
Correct Answer:
Verified
Q10: A business has cash sales of £25
Q11: Goods sold on credit to customers are
Q12: Accounting transactions are recorded from:<br>A) Business events<br>B)
Q13: The need to calculate cost of sales
Q14: A business has cash sales of £25
Q15: Paying cash for a computer system for
Q16: Use the following information to answer Questions
Q17: The principle that financial statements are prepared
Q18: Use the following information to answer Questions
Q20: The Statement of Financial Position comprises the