Do you know what is double-entry accounting? Explain with an example?
- 1 Answers
- 1089 Views
- I also Faced
- E-Mail Answers
Answer / Kaushambi Singh
Double-entry accounting is a method of bookkeeping which records every financial transaction twice, ensuring that each debit has a corresponding credit, thereby keeping the accounts in balance. An example would be: If a company sells goods worth $100 on credit to a customer, the account entries would be: Debit Account Receivable (asset) for $100 and Credit Sales (income) for $100.
| Is This Answer Correct ? | 0 Yes | 0 No |
what is mean bt VPP?
what is profit & Loss Appropriation A/c. why it is prepered? what are its benefit for a company
what is direct expensive?
why and how does bills receivable increases assets??
Can you name different branches of accounting?
WHAT IS MONTH END CLOSING? AND WHAT YOU DO IN MONTH END CLOSSING PROCESS?
how i will pass the journal entry for the shipping charges
what is bills receviables?
What is bank reconciliation statement?
Where it will effect in the Balance sheet, Rs. 5000/- of Bad Dept ??
Why some asset accounts have a credit balance?
Difference between expense and expenditure ?
Audit 
