ch. 3 - quiz\n5 when recording a transaction in a t - account, which of the following is not…
ch. 3 - quiz\n5 when recording a transaction in a t - account, which of the following is not accurate?\nmultiple choice\nmultiple debits may be used\nit is not necessary to record a credit for every transaction\nasset and expense accounts are increased via a debit\nliability and revenue accounts are decreased via a debit
Answer
Brief Explanations:
In double - entry accounting, for every transaction, there must be a corresponding debit and credit entry to maintain the accounting equation (Assets = Liabilities + Equity). Multiple debits can be used in a transaction. Asset and expense accounts increase with a debit, and liability and revenue accounts decrease with a debit. But it is always necessary to record both a debit and a credit for every transaction.
Answer:
B. It is not necessary to record a credit for every transaction