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GeekInterview.com > Interview Questions > Accounting
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Question: what is double entry book keeping
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| July 07, 2007 04:59:32 |
#3 |
| rama krishna |
Member Since: Visitor Total Comments: N/A |
RE: what is double entry book keeping
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| Business is a collection of transactions. Every transaction includes two aspects one is receiving aspect and the other is giving aspect. to record the business transactions we have two methods one is single entry system and the other is double entry system. Double entry system is a system which records both aspects of the transation i.e. recording giving aspect and receiving aspect. receiving aspect is known as debit aspect whereas giving aspect is konwn as credit aspect. |
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