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Double Entry - College Paper

Double Entry

This essay explore the definition of the term “ accounting”, its processes and procedures. I will examine the five step of the method in detail, and will compare and contrast this method to that of single entry accounting. The analysis concludes that with a discussion of the advantages of and the reasons why this method has survived for so long. After complete this
“Like most good ideas, the idea behind the method is very simple. Describe the method identify its advantages, and explain why the methods has survived so long”
is an accounting methodology used to make sure that all accounts are properly balanced. This is a rather simplistic description of this system of bookkeeping. ...

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a basic framework for the analysis of business activities. I am going to go further detail about the accounting procedures used to account for the operations of a business during a specific period. The transaction is analysed and processed in five steps. (See Appendix 1) These steps in the accounting cycle enable the accountant to combine and summarise the net results of many business activities into relatively concise financial reports.

Step one, The transactions are analysed from source documents. Source documents are printed or written forms that generated when the firm engage in business transactions.

Step two, Recording a transaction in a journal in this system the financial of an organisation is analysed as a consisting of many interrelated aspects, each of which is called an account Every transaction is identified by two aspects which is referred to as Debit , on the left side and credit on the right side.

Debit Credit

Each of these ...

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Double Entry. (2008, August 25). Retrieved April 20, 2024, from http://www.essayworld.com/essays/Double-Entry/88884

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PAPER DETAILS

Added: 8/25/2008 09:25:26 PM
Category: Miscellaneous
Type: Free Paper
Words: 814
Pages: 3

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