what are the two accounting systems to record financial transaction in the books of account
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debit & credit are two financial transactions
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Accounting Systems In The Books of Accounts
Two Systems Of Recording Financial Transactions In The Books Of Account Are :-
- Single Entry System :- This system of bookkeeping of accounting is called Incomplete Accounting System, because in this system some transactions are recorded in one form only, some are recorded in both the forms and some are not recorded completely.
- Double Entry System :- This method is better and scientific than other methods. According to this every business transaction is recorded into two accounts . This system is based on its basic principle that every financial dealing has two aspects. This is an easy method and it satisfies all the aims of accounting at a time.
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