Question

Q.1 Answer in one sentence only.
1) What is Double Entry System?​

Answer 1

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.

Answer 2

Answer:

Double-entry refers to an accounting concept whereby assets = liabilities + owners' equity.