Question

Double entry system is a
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Answer 1

Answer:

Double-entry refers to an accounting concept whereby assets = liabilities + owners' equity. In the double-entry system, transactions are recorded in terms of debits and credits.

Explanation:

Hope its helpful.

Answer 2

Answer:

Double entry system is a system in which two accounts are affected. 1 account is credited where as another account is debited. There is no transaction in the business which affects only one account. For example, Sam receives $2500. This transaction effects two accounts, cash account of Sam and Sam's account. Here, cash account would be debited where as Sam's account would be credited.(the account receiving benefits is debited whereas account which gives something to the another account it is credited)

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