Double Entry System Question:
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Explain Advantages of Double Entry system of Accounting?

Answer:

-It considers both the aspects of business transaction
-Arithmetic accuracy of the accounting records can be checked and verified by preparing trial balance
-Correct results of the operations can be ascertained by preparing Final Accounts
-Correct valuation of assets and liabilities at any point of time by preparing Balance sheet

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What are the rules of double entry book keeping for various types of accounts?What is the principal of Double Entry system of accounting? What are the advantages of Double Entry system of accounting?