Question

what are the advantages of disadvantages of the double entry system​

Answer 1

Disadvantages of double entry system of accounting:

1.1 Not supported by a small business:

1.2 Costly maintenance:

1.3 Complicated system:

1.4 Difficult for corrective actions:

1.5 Failure to disclose some error:

advantages of double entry system:

Single entry system ignores dual aspects (debit and credit) of transactions. It also ignores nominal account and real accounts. So, it is an incomplete system of recording transactions. Single entry system does not follow proper accounting rules and principles to record the financial transactions.

Answer 2

Answer:

Double entry is a system of accounting in which both debit and credit aspects of accounting are recorded. Every transaction has two aspects debit and credit. We record both debit & credit sides for every transaction.

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