Question

Define double entry system.
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Answer 1

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It is based on the dual aspect which states that every transaction has two accounts namely recieving and giving benefit and therefor should be recorded at 2 different places in the ledger.The basic principle followed is that every debit must have a corresponding credit i.e one a/c is debited and other is credited.It s a complete system.This system is accurate and more reliable as the possibilities of frauds and misappropriations are minimised.

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.