Double Entry System of Bookkeeping

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Define double-entry book-keeping system and mention any two features.
DOUBLE ENTRY SYSTEM OF BOOK-KEEPING

According to double entry system of book-keeping, every financial transaction affects two sides.
One is debit and another is credit.
Debit transactions are recorded in left hand side and credit transactions are recorded in right hand side.
Different financial transactions are classified into personal account, real account and nominal account.

State importance of double-entry book-keeping system.
State any two importance of double-entry book-keeping system.

ADVANTAGES/IMPORTANCE OF DOUBLE ENTRY SYSTEM

It covers all three accounts like personal, real and nominal account.
All the monetary transactions are recorded in full details.
Arithmetical accuracy of the accounts can be tasted by preparing trial balance.
From trial balance, a business firm can find-out profit or loss during an accounting period.
The financial position of a business can be find-out by preparing balance sheet.

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Click on link for YouTube videos CHAPTERS OF CLASS 11

ACCOUNTING EQUATION  http://tiny.cc/c89jkz

BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz

BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz

JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz

LEDGER http://tiny.cc/haakkz

SUBSIDIARY BOOK http://tiny.cc/399jkz

CASH BOOK http://tiny.cc/889jkz

TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz

BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz

DEPRECIATION http://tiny.cc/ugakkz

FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz

ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz

CAPITAL AND REVENUE http://tiny.cc/peakkz

SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz

NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz

GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz

GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz

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Explain in short any two feature of double-entry system of book-keeping.
Explain in short the feature of double-entry system of book-keeping.
State any feature of double-entry book-keeping system.
State any two features of double-entry book-keeping system.
State any three features of double-entry book-keeping system.

FEATURES OF DOUBLE ENTRY SYSTEM OF BOOK-KEEPING

Universal rules
Double entry system is the perfect accounting to record financial transactions.
This system is applied by most of the countries in the world.

Two-fold effects
Under double-entry system of book-keeping, every monetary transaction has two fold effects.
One is debit and another is credit.

Classification of accounts
Under double-entry system of book-keeping, accounts are classified into personal, real and nominal.
Every account has dual aspects (side) one is debit and another is credit

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