What is Double Entry System ?

Answer Posted / vijay gombi

Two fold aspect of each and every transaction are recording
in the same transaction is called Double Entry system.

for ex-
if one account is debited another one or more accounts
will be credited and final debit and credit balance of same
transaction must be tally

Is This Answer Correct ?    0 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

whether allowances will be included in calculating esi from gross salary

1536


What is the difference between consigner and consignee?

625


lic (life insurance corporation)how much he or she as to deduct income tax on his gross annual salary. please give with examples

1585


Do you know balancing in accounting?

623


HOW CAN I OPEN A CC A/C ? WHAT ARE THE MINIMUM REQUERMENT TO OPEN A CC A/C ? WHAT ARE THE FACILITY OF A CC A/C IN THE BUSINESS FIELD ? WHAT ARE THE BANK CHARGES AND INTEREST IN CC A/C ?

2276






Mention what is bank reconciliation?

766


Aptitude Test Questions

1631


WHICH QUESTIONS ASKED IN EPFO IN 2009.

1513


What is the difference between Accruals and Provisions?

1165


if no production is take place at the start of a process in royalty accounting what will be the accounting procedure for that.

1537


What is compound journal entry?

647


What would be journal entry for--Encashed a bank draft belonging to X? Ans as given in textbook is Bank account debit to Cash account credit.......But shouldnt it be Cash account debit to Bank account credit...Wat do u guys feel??And do explain ur answers..Thnx in advance

5804


Do you know offset accounting?

631


My company sent this party goods 62750 this goods is loss sundorbhan paribahan. how to create voucher

1757


Other accounting interview questions to expect when you interview for an accountancy job include:

619