Tag: introduction to single entry system and difference between single entry and double entry system
Questions Related to introduction to single entry system and difference between single entry and double entry system
Which method of book keeping guranteed arithmetical accuracy?
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Double Entry System
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Single Entry System
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Deshi Nama System
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All of the above
Filing is an important aspect of ____________.
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record keeping
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book keeping
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house-keeping
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time keeping
Double entry system of book-keeping refers to a system where, _____________________.
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the number of accounts with a debit balance must agree with the number of accounts with the credit balance
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each transaction is recorded twice, once in journal and then in ledger
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equal debit and credit entries are made for each transaction
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each transaction is recorded in two set of account book
Double Entry System of accounting is based on the dual aspect of accounting. It says that every transaction will have two effects in books of account.
Double entry book keeping system is most scientific system of recording business transactions.
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True
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False
"The specific technique which reflects the concept of duality is known as double entry book-keeping."-Lewis and Gillespie.
The Double Entry System of accounting originated in _________.
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America
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Russia
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Italy
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England
Double Entry Principle means _____________________.
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having debit for every credit and similarly, credit for each debit
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writing all the entries twice in the book
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maintaining the double account for all business transactions
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writing two times the same entry
In double entry system of book-keeping every business transaction affects _____________.
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two accounts
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two sides of the same account
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the same account on two different dates
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all of the above
Because every business transaction affects at least two accounts, our accounting system is known as a double-entry system. For example, when a company borrows $1,000 from a bank, the transaction will affect the company's Cash account and the company's Notes Payable account.
The accounting system which records both the aspects i.e. debit and credit, of all the transactions is known as _____________.
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Double entry system
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Single entry system
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Double account system
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Inflation accounting system
Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.
In double Entry system of Book-keeping every business transaction affects __________.
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Two accounts.
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Two sides of the same account.
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The same account on two different dates.
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All of these.
Because every business transaction affects at least two accounts, our accounting system is known as a double-entry system.
For example, when a company borrows $1,000 from a bank, the transaction will affect the company's Cash account and the company's Notes Payable account.
The system of recording transactions based on dual aspect concept is _____________.
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Double account system
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Double entry system
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Single entry system
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Incomplete system
The system of recording transactions based on dual aspect is called as double entry system.