Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Double-Entry Bookkeeping

2,485 views

Published on

Double-entry bookkeeping is a system of accounting in which every entry to an account requires an opposite entry to a different account.

Published in: Education
  • Be the first to comment

Double-Entry Bookkeeping

  1. 1. Double-Entry Bookkeeping Compiled by SuperProfs.com Learn from India’s Best PLreoaferns sfororms India’s Best Professors
  2. 2. What is Double-Entry Bookkeeping? Double-entry bookkeeping is a system of accounting in which every entry to an account requires an opposite entry to a different account. Learn from India’s Best Professors
  3. 3. Role of Double-Entry Bookkeeping in Accounting Process  Bookkeeping is an activity that deals with the recording of financial transactions.  The double entry system is based upon the fact that every transaction has two effects, therefore impacting two ledger accounts.  It satisfies the equation: Assets = Liabilities + Learn from India’s Best Professors Equity.
  4. 4. Benefits of Double-Entry Bookkeeping By leaving an audit trail, double-entry bookkeeping helps reduce fraud.  It allows one to take advantage of the matching principle.  Preparing journal entries through the double-entry bookkeeping system creates a more systematic accounting system. Learn from India’s Best Professors
  5. 5. To watch lecture videos related to Double-Entry Bookkeeping, visit SuperProfs.com NOW! Learn from India’s Best PLreoaferns sfororms India’s Best Professors

×