Write the meaning of double entry system.
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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.
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Answer:Double entry system refers to the system in which the accounts are maintained in a book. All the transactions of a company are maintained in this book. Double entry books have two opposite and corresponding entries that are known as credit and debit.
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