Theory on chapter 4th elements of double entry system
Answers
Answer:
Everything has ‘HISTORY’ so is the double entry system
The double entry system of bookkeeping can be traced back to early middle age and if records are to be believed, it’s been in practice even before the 12th century. The man behind this popular method of booking was the Italian mathematician Luca Pacioli who first published his comprehensive thesis on the principles of Double Entry System in 1494.
Since then, the double entry system is widely practised, and it made it possible for the business to record all sorts of business transactions, unlike only cash events.
Today, the double entry system of accounting is one of the widely used methods of booking as it proves to be the most accurate method of record keeping. You can talk about the history of double entry system for hours, that how the system has evolved over the years but let’s keep it simple and understand how double entry system works.
We are sure you’ll just love the way it works and resonate why it is popular among most of the business.
please mark as brainalist
Answer:
The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.
Explanation:
hope it's help