Question

what is meant by entry system​

Answer 1

Answer:

The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

Explanation:

Answer 2

ANSWER :

System of accounting refers to the principles and procedures followed for recording of transactions in the books of accounts.

The systems of recording accouting transactions may divided into two types. These are :

• [1] Single Entry System : The Single entry system is a crude method of recording business transactions. Under this system, two-fold aspects of every transaction are not recorded. Only the records of accounts relating to cash, debtors and creditors are maintained. This system is referred to as a system of "imperfect accounting".

According to Kohler, "It is a system which records each transactions relating to personal accounts".

• [2] Double Entry System : The Double entry system was first evolved by Fra Luca Pacioli, who was a Franciscan Monk of Italy. This system recognizes the fact that there are two fold aspects in every business transaction. In order to have a complete record of all the transactions, two-fold aspects of every transactions are recorded in the books of accounts. The basic principle followed under this system is that every debit must have a corresponding credit. This system is recognized by the Tax Authorities.