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प्रश्न
Why are some accounting systems called double accounting systems?
उत्तर
Some accounting systems are called double accounting systems because under this system there are two aspects of every transaction, i.e., every transaction has dual effect.
Every transaction affects two accounts simultaneously, that is represented by debiting one account and crediting the other account. It is based on the fact that if there is receiver, there should be a giver.
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संबंधित प्रश्न
The fundamental steps in the accounting process are diagrammatically presented below:
Why is the evidence provided by source documents important to accounting?
Should a transaction be first recorded in a journal or ledger? Why?
Give a specimen of an account
What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts
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Describe how debits and credits are used to analyse transactions
Describe how accounts are used to record information about the effects of transactions?
