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Answer Posted / radha
All methods of acounting are classified under two headings
1. Single entry system
2. Double entry system
Single entry system.
Single entry mean there is only one entry for each
transction. Under this system, only the personal accounts
of the debtors and creditors and cash book of the trader
are maintained. This system is followed by those firms
whose transactions are limited and at the same time,who
maintain only the essential records.
Double entry system.
In this system every transaction has two aspects. One is
benefit receiving aspect or incoming aspect and the other
one is benefit giving aspect or out going aspect. The
benefit receiving aspect is said to be a 'debit' and the
benefit giving aspect is said to bea 'credit'. For every
transaction one account is to be debited and another
account is to be credited in order to have a complete recor
of the tansacion.Therefore every transaction affecfts two
accounts in opposite direction.
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