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The double entry system is an accounting method where every financial transaction affects at least two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. For each transaction, one account is debited and another is credited for the same amount, reflecting the dual impact of the transaction. This system helps maintain accuracy and provides a comprehensive view of a company's financial position, making it easier to detect errors and fraud. Ultimately, it enhances financial reporting and decision-making by providing a complete record of all transactions.

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Advantages of double-entry book-keeping system?

advantages of double-entry book-keeping system?


Double account system?

Type your answer here double accout system is the system where all the entry has to be kept as a double. ... 


WhAT IS THE Difference between double account system and double entry system?

The difference between double account system and double entry systems are noted below: 1. Double account system is necessary only for Govt. service rendering org. but double entry system is applicable for all types of org. 2. In double account system balance sheet is divided into two part ie; Capital Account, and general balance sheet but in double entry system only one balance sheet is prepared.


Which book of prime entry is part of the double entry system?

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What is single entry and double entry?

Single entry system is that system in which only one side of entry either debit or credit is recorded while the other side of transaction is ommitted while in double entry system, both side of transactions debit and credit are recorded to complete the business transaction.


Who is the father of double entry system?

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Who was the founder of double entry system?

luco pacioli


What is double-entry system in bookkeeping?

Double entry book keeping system is that system under which all transactions have atleast two accounts which are charged for, one for debit part and one for credit.


Is the fixed asset register a part of the double entry system?

A double entry bookkeeping system shows the multiple effects of a single transaction. Since the fixed asset register entails all details about purchase, sale, and depreciation effects of a fixed asset. It is therefore a part of double entry system.


What is a purpose of a double-entry bookkeeping system?

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What account system India follow?

India follows double entry accounting system


How do you do double entry on stock provision?

To perform double entry on stock provision, you'd record the company's transactions twice. Two of the accounts in the system will have this.