Asked by Felipe Arcos on May 13, 2024
Verified
Reduces staff time in preparing accounts and audit expenses because records are neat,accurate,and up-to-date
A) advantage
B) disadvantage
Double-Entry Bookkeeping System
An accounting method that records each transaction twice, once as a debit in one account and once as a credit in another, to ensure financial records balance.
Single-Entry System
A basic accounting method where each transaction is entered only once, either as an income or expense, making it less complex but more prone to errors than double-entry systems.
Staff Time
The amount of working hours dedicated by employees towards their job tasks.
- Pinpoint the fundamental parts and strengths of the double-entry bookkeeping technique.
Verified Answer
Learning Objectives
- Pinpoint the fundamental parts and strengths of the double-entry bookkeeping technique.
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