SSC MCQ Question Ans. Double Entry System
SSC MCQ Question Ans. Double Entry System. Throughout the world, Double Entry System is established & known as the dependable, scientific, and complete system for keeping accounts in the business. In a double entry system, each transaction that measured or measurable in terms of money is expressed in the dual entity. There is no alternative method of Double Entry System to know the actual result and financial condition of the business.
SSC MCQ Question Ans. Double Entry System
The famous Mathematician Luca Pacioli described the perfect and proper recording system of financial events in 1494. That system is known as the Double Entry System. The double entry system is considered as the only complete, reliable and scientific system. There is a hint of a dual entity concept for every transaction in this system. There have been two or more accounts in every transaction. These accounts are written in dual entity concept. One is Debit and the other one is Credit. Two parties of transaction i.e. Debit &Credit are recorded in accounts by Double entry system. In this method, the same amount is written for both debit and credit.
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