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Question
State True or False.
Double Entry System is scientific method of maintaining books of accounts.
Options
True
False
Solution
True
Explanation: Double-entry system is a scientific system because the entries are recorded taking into account the dual aspect, i.e. the debit and credit aspects of each transaction. Also, under this system, transactions related to all the accounts (i.e. real, nominal and personal) are recorded. Hence, the accounts maintained under this system are complete and reliable.
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Double Entry System of Book-keeping is scientific method of books of accounts
Fill in the blank:
In _________Book Keeping System, in every business transaction we find two effects.
