Question

What is double acounting system disscuss its features marits and dmerits?

Answer 1

Double entry system may be called as English accounting system it was invented in 15th century in Italy. This is the most scientific system of accounting. The main basis of this system is that there are two parties in each transaction and effects of each transaction is at least on two accounts in the books of each party. One account is the receiver and the other account is given the account receiving benefit is debited the account of giving benefit is credited so it may be called a system of accounting in which both aspects of each transactions are recorded as per prescribed rules.
Merits.
Accuracy, scientific system ,no scope of fraud comparative study becomes possible, a complete system ,information about profit and loss ,helpful in purchase and sales of business ,helpful in rising loans
Demerits
Expensive complicated requirement of trained staff accuracy not guaranteed lack of control