Question: Write a note on double entry accounting system.

Write a note on double entry accounting system.

Step by Step Solution

★★★★★

3.43 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Double entry accounting system is a standard method commonly used in bookkeeping where every entry to an account requires a corresponding and opposite ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Financial Accounting Questions!

1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...

In May of 2004 the municipality removed juveniles from a section of the adult corrections facility, as ordered by the government, because the juvenile area did not provide sight and sound separation...

Explain the process of cost allocation. Identify the components of a products cost. Explain how material, labor, and overhead costs are added to a product at each stage of the production process....

Objective: The goals of this assignment is to reinforce the mechanics of accounting. Assignment: The double entry accounting system dates back to Italian merchants from the 1400s. While the detailed...

see the attach file for information Just one question 3.4 \f1402/110.109 Distance/Internal Part A - Accounting Cycle Assignment 2 Answer Booklet Manawatu/Albany Baby Basics Ltd Inventory Table - Zaaz...

4 5 9 18 FAI-MAX CASE STUDY: TOPIC 3 CASE STUDY 3 - Specialised Journals and Control Accounts Max is really happy with the information you provided him last week and feels he now has a better...

unadjusted trial balance, adjustment , adjusted trial balance, general journal, general ledger After some thorough investigation Max has decided to establish a manual double entry accounting system...

1. Which is optional in the accounting cycle? a. Reversing entries b. Closing entries c. Adjusting entrie d. Adjusted trial balance 2. The double entry accounting system means * a. Each transaction...

1. Which of the following least resembles a typical adjusting entry? a. Debit revenue, credit liability b. Debit expense, credit liability c. Debit asset, credit liability d. Debit asset, credit...

in that question for the 15th they wanted to know the double entry accounting system each transaction affects at least two different accounts for the following transactions identify the two accounts...

Harry Mazzola has the utility function U ( x 1 , x 2 ) = min{ x 1 + 2 x 2 , 2 x 1 + x 2 }. He has $40 to spend on corn chips and french fries. If the price of corn chips is $3 per unit and the price...

After the multiple scandals that surfaced in the late '90s and early 2000s, it is understandable that some kind of action was needed to wrangle in the fraudulent corruption that plagued the corporate...

In 2 0 1 8 , if Vyederm s profits fell back to historical levels, the bonus bank balance will be wiped out and the managers would receive no bonus for 2 0 1 8 . What is your recommendation for...

Takeover activity often increases at times when share prices are high. Why is this so?

At the beginning of the current season, the ledger of Highland Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April. Apr....

On December 1, 2012, Shiras Distributing Company had the following account balances. During December, the company completed the following summary transactions.Dec. 6 Paid $1,600 for salaries due...

The financial statements for Tootsie Roll Industries appear in Appendix A at the end of this book. Instructions Answer these questions using the Consolidated Income Statement . (a) What was the...

Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash. Manny transfers a backhoe with an adjusted basis of...

Part I Explain the reasons behind the treatment of domestic wastewater, what are the major constituents targeted for the removal by the wastewater treatment plant? Part II A circular secondary...

On January 1, Innovative Solutions, Inc., issued $220,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on...