Question

The system of recording transactions based on dual concepts is called __________.

• A. double account system
• B. double entry system
• C. single entry system
• D. cash system

Answer 1

The correct option is B double entry system

The system of recording transactions based on dual concepts is called double entry system. The dual aspect states that every business transaction requires recording into 2 accounts. The concept is the basis of double entry system, dual aspect includes two aspects a debit and a credit.