{"id":8750,"date":"2024-04-15T03:05:36","date_gmt":"2024-04-15T03:05:36","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8750"},"modified":"2024-04-15T03:05:36","modified_gmt":"2024-04-15T03:05:36","slug":"double-entry-implies-that-a-recording-entries-in-journal-b-recording-entries-in-ledger-account-c-recording-two-aspects-of-every-transaction-d-recording-every-transaction-in-books","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/double-entry-implies-that-a-recording-entries-in-journal-b-recording-entries-in-ledger-account-c-recording-two-aspects-of-every-transaction-d-recording-every-transaction-in-books\/","title":{"rendered":"Double entry implies that A. Recording entries in Journal B. Recording entries in Ledger account C. Recording two aspects of every transaction D. Recording every transaction in books"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9ac933b1cf7\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Recording entries in Journal                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Recording entries in Ledger account                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Recording two aspects of every transaction                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Recording every transaction in books                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is C. Recording two aspects of every transaction.<\/p>\n<p>Double-entry bookkeeping is a system of accounting in which every financial transaction is recorded in at least two accounts. The two accounts are usually the account for the asset or expense that is being increased, and the account for the liability or revenue that is being decreased.<\/p>\n<p>For example, if a company buys a new piece of equipment, the transaction would be recorded in the asset account for equipment, and the liability account for accounts payable. The amount recorded in the asset account would be the cost of the equipment, and the amount recorded in the liability account would be the amount that the company owes to the supplier for the equipment.<\/p>\n<p>Double-entry bookkeeping is a system that is designed to ensure that all financial transactions are recorded accurately and completely. It is also a system that is designed to provide a clear and concise picture of a company&#8217;s financial position.<\/p>\n<p>Option A is incorrect because recording entries in a journal is only one part of double-entry bookkeeping. The other part is recording entries in <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> ledger accounts.<\/p>\n<p>Option B is incorrect because recording entries in ledger accounts is only one part of double-entry bookkeeping. The other part is recording two aspects of every transaction.<\/p>\n<p>Option D is incorrect because recording every transaction in books is <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> not the same as double-entry bookkeeping. Double-entry bookkeeping is a system that requires that every financial transaction be recorded in at least two accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Double entry implies that A. Recording entries in Journal B. Recording entries in Ledger account C. Recording two aspects of every transaction D. 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