Why is the format for recording each journal entry known as double-ent

QUESTION

Why is the format for recording each journal entry known as double-entry bookkeeping?

A) because two accountants work together on the journal
B) because the journal entries are reviewed twice daily
C) because each transaction is recorded in two different accounts
D) because photocopies are always taken of each journal page
E) because firms with double fiscal cycles employ this form of bookkeeping

ANSWER

Answer: C
Explanation: C) The format for recording each journal entry is known as double-entry bookkeeping because each transaction is recorded in two different accounts to act as a check on errors.