Question

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What is the definition of Double Entry System.??

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Answer 1

Answer:

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✍The double entry system maintains records showing the double effect of each financial transaction.

Answer 2

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:

Assets=Liabilities+Equity



With a double entry system, credits are offset by debits in a general ledger or T-account