Question

The Modern and scientific method of maintaining accounts is called ............. system of Book keeping. Fill in the blank.

Answer 1

Hi mates your answer is Call 1 ed system
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Answer 2

The Modern and scientific method of maintaining accounts is called Double entry system of Book keeping.

Explanation:

• Double entry system of Book-keeping is a reliable and complete method of book-keeping in accounting.

• Under this system, both the debit change and credit change are recorded together.

• Locus Pacioli wrote a first book on double entry system.

• In this method, we can obtain the complete record of dealings.

• The profit/loss account and balance sheet are generated to know the financial status of business.

• It is universally accepted method of book-keeping system.

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