Question

explain in detail the conversion method with example?​

Answer 1

Answer:

The conversion method is the process of converting a business's accounting from single-entry to double-entry. New small businesses often use single-entry bookkeeping as a quick and simple way to record their income and expenses. Single-entry bookkeeping only uses three accounts: bank, cash and personal.

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Answer 2

Answer:

The conversion method involves converting your accounting from a single-entry system to a double-entry system. Small businesses usually start out by using single-entry bookkeeping. This method is a simpler way to track their income and expenses. ... Two separate bank accounts also need to be opened for expenses and income.

Explanation:

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