​Ability to prepare financial statements directly from the accounts

A) ​advantage of double-entry system over the single-entry system
B) ​characteristic of the single-entry system

Double-entry Bookkeeping

An accounting method that records each transaction as both a debit and a credit in two separate accounts, ensuring the total debits equal the total credits.

Single-entry System

A bookkeeping method where each financial transaction is recorded with only one entry to the accounting records, often lacking the detailed accuracy of double-entry accounting.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.