Tag: double entry system

Credit

Debit

Income

Need not to show in accounting records

Single Entry System & Double Accounts System

Single Account System & Double Accounts System

Single Entry System & Double Entry System

Single Entry System & Duplicate Accounts System

It keeps a complete record of business transactions.

It provides a check on the arithmetical accuracy of accounts.

The detailed profit and loss account can be prepared to show profit earned or loss suffered during any given period.

All of the above

True

False

Owners

Lenders

Investors

All of the above

True

False

Planning

Decision making

Controlling

All of the above

It helps to find out profit, losses, assets and liabilities in the business at any time.

It helps the management in planning, decision making, controlling and managing the overall business activities.

It enables investors to take a decision whether to invest or not.

All of the above

2

4

3

5

True

False