Question: Answer the following questions. Consider each question separately. Requirements 1. Explain the advantages of double-entry bookkeeping instead of recording trans-actions in terms of the accounting

Answer the following questions. Consider each question separately.

Requirements

1. Explain the advantages of double-entry bookkeeping instead of recording trans-actions in terms of the accounting equation to a friend who is opening a used book store.

2. When you deposit money in your bank account, the bank credits your account. Is the bank misusing the word credit in this context? Why does the bank use the term credit to refer to your deposit, instead of debit?

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