double entry bookkeeping

double entry bookkeeping

1. whats double entry bookkeeping?

   • in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account.

2. Difference between single entry bookkeeping and doube entry bookkeeping

   • 1. Single entry is an incomplete system of recording financial transactions. Double entry system is a complete system of recording and reporting financial transactions.

3. Purpose of double bookkeeping entry

   • The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts (or more).