Question

In Double entry system every transaction involves
(a) Single party
(b) Two parties
(c) More than two parties
(d) More than one party

Answer 1

Answer:

every transaction involves more than two parties.

Answer 2

Answer: Double Entry system every transaction involves two parties. Every transaction divided into two aspects.

Explanation: under double entry system total of debit is equal to total credit. The Double entry system also requires that for all transactions, amounts entered as debits must be equal to the amounts entered as credits.

It is a system set up of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal register accounts.