What accounting method is followed for the recording of transactions?a)Double Entry Systemb)Single entry systemc)Cash Basis Systemd)None of themCorrect answer is option 'A'. Can you explain this answer?

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Answer

Double Entry System Records Both Transactions

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Double entry system since transactions will held both bank and the company so transactions will be recorded in a double entry method

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double entry system as it records both the aspects of any transaction bt it depends on u which system r u following

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Doing any transaction always two accounts are affected
that's why double entity system is followed

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The accounting method followed for the recording of transactions is the Double Entry System. This method is widely used by businesses and organizations to maintain accurate financial records.

Double Entry System:

The Double Entry System is a method of accounting where every financial transaction is recorded in two different accounts. It means that every transaction has two parts - a debit and a credit. The debit is the amount that is received, and the credit is the amount that is given out.

For example, if a company purchases inventory for cash, the inventory account will be debited, and the cash account will be credited. This method ensures that the accounting equation (Assets = Liabilities + Equity) is always balanced.

Advantages of Double Entry System:

1. Accuracy: The Double Entry System ensures the accuracy of financial records by recording every transaction in two different accounts.

2. Completeness: This method ensures that every transaction is recorded, leaving no room for errors or omissions.

3. Consistency: The Double Entry System provides consistency in financial reporting as it is a widely accepted method of accounting.

4. Easy to understand: This method is easy to understand and implement, even for non-accountants.

Conclusion:

In conclusion, the Double Entry System is the most commonly used accounting method for recording financial transactions. It ensures accuracy, completeness, consistency, and is easy to understand.

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Yes double entry system is right

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Double entry system

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Because while doing  any of the transactions always 2 accounts are affected.

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Because one thing is debit and other credit

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It is according to dual aspect concept

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In double entry system transection are recorded in both people's book who is debtors and who is creditors

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there are two aspect in the transaction I.e giver and receiver

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Double entry system because every business transaction reveals two aspects..

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Double entry system as the  any transactions should affects two entries

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Under the double entry method, every transaction is recorded in at least two accounts. Once all transactions are processed into the accounting system, the balances of all accounts will be readily available.

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A

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Double entry sysyem

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Double entry system..bcoz.there is need of two accounts in each transaction that is debit the giver and credit the reciever...

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Option a double entry system it is scientfic method and accepted all over world i hope it help u

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It depends on the Nature of business, There some businesses who even follow SINGLE ENTRY SYSTEM, still and some also follow CASH BASIS of recording transactions, but both are not considered right as per Accounting Standards, hence, DOUBLE ENTRY SYSTEM binds every business legally ,to follow it for recording transactions.

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Double entry system records both aspects of any transactions...

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Double entry system record two transactions in business debit nd credit.

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A

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What is accounting

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A double entry system because each and every transaction affect two account

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Can someone please explain this with an example?

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Douple Entry sysytem

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Yh cuz double entry principle states that for every debit entry there must be a corresponding credit entry and vice versa

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Option a.

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These system depend on cash

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डबल एंट्री सिस्टम.......एक सर्वव्यापक अवधारणा है।जिससे सभी लेखाकार सहमत है

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Correct answer is a

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A. double entry system is correct answer

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The degrees of hotness or cooledness is called

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