Question

Accounting Process
Q.1. What is Double Entry System of Book-keeping ? Explain its advantages.
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Answer 1

In accounting system every transaction is recorded in two accounts it is called double entry system of book-keeping.

Explanation:

• In two accounts one is the debit account and another one is the credit account.
• Debit and credit are left hand side and right hand side respectively.
• In business every transaction must be recorded in minimum two accounts.
• And also all transactions are requires double entry system.
• The debit and credit amount are equal to each other.
• Advantages of double entry system are:
• It is the complete and scientific system of recording the financial transactions of an organisation or business.
• It is helps to identify and fix the error quickly.

To Learn More...

1.What is double entry system of bookkeeping its features and advantages and disadvantage?

https://brainly.in/question/4428207

2.The profounder of double entry system of book-keeping is

(a) J. R. Batlibai

(b) Luca Pacioli

(c) Old Kesal

(d) Menhar

https://brainly.in/question/4110874