Question

Aim and objective of double entry system

Answer 1

The following are the objectives of double entry book-keeping system a)To keep the complete records of every financial transactions systematically and scientifically b)To ascertain the profit and loss of the organization c)To provide real picture about the financial position of the organization
d)To provide information about the financial position of the business. e)To provide specific technique to reveal the accounting errors and specify proper method of rectification f)To provide appropriate financial data for comparison
g)To facilitate rational decision-making by providing appropriate financial data at appropriate time.