Modern system of book keeping is called______________?
Correct answer: D. Double entry system
- A. Italic system
- B. American system
- C. Single entry system
- D. Double entry system
Explanation
The double-entry system is regarded as the modern system of bookkeeping because it records both sides of each transaction and helps maintain accounting equilibrium. Single-entry bookkeeping is less complete and less systematic.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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