Asked by maria alvarado on May 11, 2024
Verified
Is the most basic form of bookkeeping and is similar to a checkbook register
A) advantage of double-entry system over the single-entry system
B) characteristic of the single-entry system
Bookkeeping
The recording of financial transactions, and is part of the process of accounting in business, which involves maintaining accurate and systematic records of a company's financial transactions.
Checkbook Register
A document, often accompanying a checkbook, that allows individuals to track their deposits, withdrawals, and current balance for their bank account.
Single-entry System
A basic accounting method where entries are recorded only once, either as an expense or income, making it less intricate but less accurate than the double-entry system.
- Comprehend the benefits of using a double-entry bookkeeping system as opposed to a single-entry system.
Verified Answer
Learning Objectives
- Comprehend the benefits of using a double-entry bookkeeping system as opposed to a single-entry system.
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