Question

Write the word / term / phrase which can substitute each of the following Statements.

A system of book-keeping in which both the aspects of transaction are recorded.

Answer 1

Double entry system

Explanation: In contrast to single-entry system, under double-entry system, the dual aspect of each transaction is recorded. In other words, debit and credit aspects of nominal, real and personal accounts are recorded. Therefore, this system is considered more reliable and scientific.