Question

shirt note on double entry system ??​

Answer 1

Hey mate here's your answer

What Is Double Entry?

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

Hope this helps you Please mark as brainliest ✌✌✌✌

Answer 2

Hello friends.

Definition:

Double entry accounting is a system of recording business transactions where each transaction affects at least two accounts and requires an equal debit and credit.

What Is Double Entry?

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.

Every system has its advantages and disadvantages, and double entry bookkeeping system is no exception. Advantages. Companies are able to maintain a complete record of every transaction classified as assets, liabilities, expenses, revenue, capital and recorded accordingly.

The disadvantages of double-entry bookkeeping include;

The Double entry system is generally complex and prone to errors of omission. This is because it is often difficult to detect omitted entries. The errors leave no trace as the books will still balance despite the omission, further compounding the problem.