Question

Defin Double entry system explain it disadwantage​

Answer 1

Double entry system of booking is an accounting system which recognizes the fact that every transaction has two aspects and both aspects of the transaction are recorded in the books of accounts. In other words, it recognizes that in order to receive some value, an equal value needs to be given.

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Answer 2

DEFINE

The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

DISADVANTAGE

Since their fees are too high, small companies cannot afford to hire anyone with proper accounting skills. Every transaction must be documented twice, resulting in larger books or the need for a more efficient computer to process data in electronic form.

Explanation: