Question

4. Which accounting concept is not taken into consideration under single entry system & followed
Under double entry system?
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Answer 1

Answer:

Double Entry System is the scientific method of keeping financial records, developed by Luca Pacioli, in 1494. This system is based on the principle of duality, i.e. every transaction has a dual aspect. Each transaction affects two accounts at the same time, in which one account is debited while theother is credited.