Question

what is disadvantages of double enyry system?

Answer 1

Advantages and Disadvantages of Double-entry Bookkeeping. Everysystem has its advantages anddisadvantages, and double entry bookkeeping system is no exception. Companies are able to maintain a complete record of every transaction classified as assets, liabilities, expenses, revenue, capital and recorded accordingly.

Answer 2

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●Companies are able to maintain a complete record of every transaction classified as assets, liabilities, expenses, revenue, capital and recorded accordingly.
●Allows companies to prepare financial statements easily as it is a scientific system of recording business financial transactions in a set of accounting records.
●The trial balance helps to maintain the accuracy of all books of accounts.
●The financial position of a company can be ascertained at the end of each accounting period, through the preparation of the balance sheet.
●The matching principle allows companies to accurately assess the profit earned or loss suffered during a period together with details by the preparation of Profit and Loss Account.
●It provides checks and balances, which prevents frauds and misappropriations as complete information about assets and liabilities are recorded.
●Solicits comparative study of results of one year to another to ascertain reasons of change or for decision making purposes.
●Affords complete information for purposes of control permitting accounts to be maintained in as much detail as necessary.>>>


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