Write other two names for the Book keeping method?
Answers
Explanation:
Book - keeping is financial transaction recording and is part of the business accounting process. Transactions include an individual or an organization / corporation's transactions, sales, receipts and payments.
For reporting business transactions, there are two types of bookkeeping systems used: one-entry bookkeeping system and double-entry bookkeeping system.
Double and Single Entry System
Explanation:
Book Keeping is the method in which Income and Expenses of the business is recorded. Single and Double Entry system of book keeping is used around the globe.
Double Entry System : This system works on simple accounting equation Assests = Liabilities + Capital. In this system two accounts should be maintained one of Debits and other of Credit and the sum of all debits must be equal to all credits.
Single Entry System : This is easy method of book keeping in this method only one side of transaction is recorded. It means only credit or only debit transactions are maintained.
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