Discussion
The double entry accounting system is :- (Choose the most appropriate option from below)
Answer: D
The double entry system is the one in which business transactions are recorded from dual aspects.
Every transaction affects at least two accounts: one is debited and another is credited with the same amount. Recording both aspects is why total debits always equal total credits, which lets a trial balance check the books.
Recording transactions from a single aspect is the single entry system, an incomplete method often kept by small traders. That is also why 'useful for small business' is not its defining feature. 'Involving all the interested parties' describes the users of accounting information, not a system of recording.
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