Question

what is double accounting system...? please thanz my answer...... please follow me for more mark's.....​

Answer 1

Answer:

A double accounting system consists of the two major accounts that are usually invovled in all accounting processes - debit and credit. These two accounts are used in the generall journal to identify the decreasing or increasing in certains accounts (for example, if you were to buy a car with your own money, your bank would be credited, as you are taking money out of bank account - to understand this you would need to know the nature of each of the main accounts; assets, liabilities, revenues, expenses and owners equity).

Answer 2

Answer:

Double entry system of accounting is based on the Dual Aspect Concept. Dual Aspect Concept is one of the fundamental accounting principles. In every business transaction involves at least two accounts. In other words, every business transaction has an equal and opposite effect in minimum two different accounts. Thus, all the business transactions recorded in the books of accounts are based on this principle of accounting.Without applying double entry concept, accounting records would only reflect a partial view of the company's affairs.

Explanation:

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