Write Characteristics of double entry system ?????????
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Features of Double Entry Accounting system
A transaction has two-fold aspects i.e. one giving the benefit and the other receiving the benefit. A transaction is divided into two aspects, Debit and Credit. One account needs to be debited and the other is to be credited.
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Characteristics of the double-entry system are stated below;
Two parties: Every transaction involves two parties – debit and credit. ...
2)Giver and receiver: Every transaction must have one giver and one receiver.
Since personal and impersonal accounts are maintained under the double entry system, both
the effects of the transactions are recorded.
It ensures the arithmetical accuracy of the books of accounts. ...
It prevents and minimizes frauds. ...
Errors can be checked and rectified
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