write any two objective of double entry system
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Answer:
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Explanation:
Double-entry refers to an accounting concept whereby assets = liabilities + owners' equity. In the double-entry system, transactions are recorded in terms of debits and credits.
The following are the objectives of double entry system:
1)To maintain the systematic record of financial transactions.
2)To solve the problems arises on financial matters.
3) To provide financial information to the management for making financial plans and decisions.
The basic principle of double entry bookkeeping is that there are always two entries for every transaction. One entry is known as a credit entry and the other a debit entry.
Answer:
The following are the objectives of double entry system: To maintain the systematic record of financial transactions. To solve the problems arises on financial matters. To provide financial information to the management for making financial plans and decisions.
Explanation:
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