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
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