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Some accounting systems called double accounting systems

 Why are some accounting systems called double accounting systems?


1 Answer


 Some accounting systems are called double accounting systems because under this system there are two aspects of every transaction, i.e., every transaction has a dual effect. Every transaction affects two accounts simultaneously, which is represented by debiting one account and crediting the other account. It is based on the fact that if there is a receiver, there should be a giver.

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