Asked by Eilyn Morales on Jul 21, 2024
Verified
Ability to prepare financial statements directly from the accounts
A) advantage of double-entry system over the single-entry system
B) characteristic of the single-entry system
Double-entry Bookkeeping
An accounting method that records each transaction as both a debit and a credit in two separate accounts, ensuring the total debits equal the total credits.
Single-entry System
A bookkeeping method where each financial transaction is recorded with only one entry to the accounting records, often lacking the detailed accuracy of double-entry accounting.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.
- Understand the advantages of the double-entry bookkeeping system over the single-entry system.
Verified Answer
Learning Objectives
- Understand the advantages of the double-entry bookkeeping system over the single-entry system.
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