Features of Double Entry System

Fooling are the features or characteristics of Double entry book keeping system

a)Double effect :It follows the principle of double aspects by debiting and crediting the transactions .Every transaction must have two fold effect debit and credit .So it has the effect of duality in accou9nting system.

b)Equal effect: It assumes that debit must be equal to credit amount i.e. it considers the effect of equal amount on both sides of accounts. In other words, the same amount is shown on debit and credit.

c)Adverse effect: It has two sides i.e. debit and credit. Most often ,the receiving of benefit is entered on the debit side and giving the benefit is entered on the credit side simultaneously.

d)Arithmetical accuracy :Another feature of double entry system of book keeping is to check arithmetical accuracy of financial transactions by preparing trial balance .since each transactions is recorded on the debit and credit side fot the same amount.

e)complete record :Double entry system of accounting presents a complete record of transactions .It records all the aspects of every transaction, which reveals a complete and clear picture of the organizations.

f)Scientific system: Double entry system is based on various principles ,conventions and assumptions. So, under this system recording of transactions are made systematically, using a set of principle and thus, it can be said a scientific system of recording