Question: 1. Explain double entry system of accounting. 2. Explain singly entry system of accounting. 3. What is the major record in a single entry system?

1. Explain double entry system of accounting.

2. Explain singly entry system of accounting.

3. What is the major record in a single entry system?

4. What is the single entry formula in computing net income for a proprietorship or partnership?

5. What is the single entry formula in computing net income for a corporation?

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