by Saleh S. Abu-keshek on 9:52 PM
The Double entry system of book keeping comprises of the following features :
- Every business transaction affects two accounts.
- Each transaction has two aspects, i.e., debit and credit.
- Maintains a complete record of all business transactions.
- Helps to check the accuracy of the accounting transactions, by preparation of trial balance.
- Helps ascertaining profit earned or loss occured during a period, by preparation of Profit & Loss Account.
- Helps ascertaining financial position of the concern at the end of each period, by preparation of Balance Sheet.
- Helps timely decision making based on sufficient information
- Minimises the possibilities of fraud due to its systematic and scientific recording of business transactions.
