Accounting · Double Entry System
In the context of Generally Accepted Accounting Principles (GAAP), how does the system of double-entry accounting record each financial transaction?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1It records them in at least two places (debit and credit) in a company's accounting system✓
- 2It records them in a single entry in a company's financial books
- 3It records them in three different ledgers to ensure accuracy
- 4It records them exclusively in the income statement
Correct answer
It records them in at least two places (debit and credit) in a company's accounting system
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Double Entry System MCQs →Want more practice questions on Double Entry System?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Double Entry System