All of the following statements are true of double-entry accounting except:
A. There is a need for both debit and credit entries for each and every transaction.
B. Double-entry accounting can only be used with computer-based accounting systems.
C. The total dollar amount of debit entries posted to the general ledger is equal to the dollar amount of the credit entries.
D. Double-entry accounting allows us to measure net income at the same time we record the effect of transactions on the balance sheet accounts.
B
You might also like to view...
All parties, including the brokers, must sign the lead-based paint disclosure, if required.
a. true b. false
Orbital Flights, Inc, is required to register its securities under Section 12 of the Securities Exchange Act of 1934. Section 16(b) of the act covers A) the declaration of dividends by Orbital's board of directors
B) the later re-registration of Orbital's securities. C) the short-swing activities of Orbital's insiders. D) the solicitation of proxies from Orbital's shareholders.