Asked by Isaac Johnson on May 22, 2024
Verified
Undetected errors can occur and might be discovered only through bank statement reconciliation
A) advantage of double-entry system over the single-entry system
B) characteristic of the single-entry system
Undetected Errors
Mistakes or faults in a process, system, or output that remain unnoticed or uncorrected.
Bank Statement Reconciliation
The process of comparing one's personal or business financial records to the bank's records to ensure they match.
Double-entry Bookkeeping
A bookkeeping technique in which each transaction is recorded by entering corresponding and opposite amounts in two different accounts.
- Develop an understanding of why the double-entry bookkeeping system is favored over the single-entry system.
Verified Answer
Learning Objectives
- Develop an understanding of why the double-entry bookkeeping system is favored over the single-entry system.
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