Which system of accounts recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction?

Single entry system

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Double entry system

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Double account system

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Duplicate account system

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Solution

The correct option is B Double entry system
On the other hand, the double entry system is based on scientific principles and is, therefore, used by most of the business houses.
The system recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction.

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