Question

Short Answe
Type Questions
1. Explain the four principles of Double Entry System ?​

Answer 1

Answer:

Double Entry system seeks to record every transaction in money or money’s worth in its double aspect – the receipt of a benefit by one account and the surrender of similar benefit by another account, the former entry being to the debit of the account receiving the later to the credit of the account surrendering.

Explanation:

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Answer 2

Answer:

1. Seperate Entity Concept

2. The Accounting Equation

3. The Dual Effect

4. Two Parties (Giver and Receiver)

Explanation: