Asked by Carina Campos on May 22, 2024
Verified
Three accounts are affected in every transaction.
Three Accounts
A fundamental concept in accounting that typically refers to the three major financial statements: the balance sheet, income statement, and cash flow statement.
- Comprehend the basic concepts of double-entry accounting.
Verified Answer
MA
Michelle AmezquitaMay 24, 2024
Final Answer :
False
Explanation :
In every transaction, at least two accounts are affected due to the double-entry accounting system, but it's not necessary for three accounts to be affected in every transaction.
Learning Objectives
- Comprehend the basic concepts of double-entry accounting.