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Which statement best explains Double-entry system?

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Question ID #25862 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Which statement best explains Double-entry system?

Correct Answer: B. Every transaction has at least two corresponding debit-credit effects
Double-entry system: Every transaction has at least two corresponding debit-credit effects

Question: Which statement best explains Double-entry system?

A. Depreciation method charging an equal amount each year, subject to residual value

B. Every transaction has at least two corresponding debit-credit effects

C. Statement reconciling differences between bank balance per books and bank statement

D. Amount received before the related income is earned

Correct Answer: B. Every transaction has at least two corresponding debit-credit effectsDouble-entry system: Every transaction has at least two corresponding debit-credit effects

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Which statement best explains Double-entry system? - MCQ Explanation

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Correct answer: B. Every transaction has at least two corresponding debit-credit effects