Problems With Double-Entry Bookkeeping Systems
The double-entry bookkeeping system is commonly used in the accounting and business world to help companies keep track of financial transactions and inventory. Double-entry accounting is simply using two entries for every transaction that takes place, so that one account is credited while a corresponding account is debited for the same amount. These types of entries are used in accrual accounting, a form of accounting where transactions are accounted for as they occur. The double-entry system has many advantages, but it also has some problems.
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Article Written By: Jared Lewis
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