Question

Statements of assets & liabilities prepared under double entry system is called​

Answer 1

Answer:

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Answer 2

Introduction:

Double-entry bookkeeping is a system of documenting transactions in which an entry is made in at least two accounts as a debit or credit for every business transaction.

Explanation:

A double-entry system requires that the amounts entered as debits equal the amounts recorded as credits.

The balance sheet is based on the double-entry accounting method, in which a company's total assets match the total of liabilities and shareholder equity.