Question

3 Explain the system of accounting
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Answer 1

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An accounting system allows a business to keep track of all types of financial transactions, including purchases (expenses), sales (invoices and income), liabilities (funding, accounts payable), etc.However, historically, accounting systems were a complex series of manual calculations and balances.

Answer 2

Answer:

There are two types of accounting systems: The first is a Single Entry System where a small business records every transaction as a line item in a ledger. The other is a Double Entry System, where every transaction is recorded both as a debit and credit in separate accounts

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