The Key Premise Underlying Double-Entry Bookkeeping Is That

Multiple Choice

The key premise underlying double-entry bookkeeping is that

A) all transactions must be recorded twice.
B) a minimum of two financial statements (the balance sheet and the income statement) must be prepared.
C) financial transactions must be recorded as consisting of two equal and opposite effects.
D) each journal entry must have only one debit and one credit.
E) general ledger accounts are shown as two-sided T-accounts.