The modern system of recording business transactions in the books of accounts is known as: (a) Modern system (b) Single entry system (c) American system (d) Double entry system
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double entry system
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Double Entry System
This is the more traditional and conventional system for recording transactions in financial accounting. This is a scientific method which has some rules and principles which must be followed. The basic essence of the double entry system is that every transaction will affect two accounts. This is known as the debit and credit rule – every credit entry, there must be a corresponding debit entry.
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