Explain the Double Entry System of Accounting.
Answers
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
Explanation:
Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation.
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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.
Double-entry bookkeeping was developed in the mercantile period of Europe to help rationalize commercial transactions and make trade more efficient.
Explanation: