Asked by Isaac Johnson on May 22, 2024

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​Undetected errors can occur and might be discovered only through bank statement reconciliation

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

Undetected Errors

Mistakes or faults in a process, system, or output that remain unnoticed or uncorrected.

Bank Statement Reconciliation

The process of comparing one's personal or business financial records to the bank's records to ensure they match.

Double-entry Bookkeeping

A bookkeeping technique in which each transaction is recorded by entering corresponding and opposite amounts in two different accounts.

  • Develop an understanding of why the double-entry bookkeeping system is favored over the single-entry system.
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EP
Ellie PittmanMay 28, 2024
Final Answer :
B
Explanation :
This description is a characteristic of the single-entry system, where undetected errors are more common due to the lack of a second record for each transaction that could help in identifying discrepancies.