Write any three Advantages of Double Entry Book Keeping System?
The double-entry bookkeeping system is widely used in accounting and finance due to its numerous advantages. Here are three key advantages of double-entry bookkeeping:
1. Accuracy and Error Detection: One of the primary advantages of double-entry bookkeeping is its ability to ensure accuracy and detect errors. Every financial transaction is recorded in at least two accounts, with equal debits and credits. This balanced approach ensures that the books are always in balance, making it easier to...