Question

define accounting?what is double entry system/what is GAAP

Answer 1

Answer:

Accounting is the process of recording financial transactions to a business.

Double entry system is that for every business transaction, amount must be recorded in a minimum of two accounts .

GAAP is stands for General Accepted Accounting Principles. It is a cluster of accounting standard and common industry usage that have been developed over many years .

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Answer 2

Answer:

Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.