Question
Why are some accounting systems called double accounting systems?
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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 dual effect.
Every transaction affects two accounts simultaneously, that is represented by debiting one account and crediting the other account. It is based on the fact that if there is receiver, there should be a giver.
Every transaction affects two accounts simultaneously, that is represented by debiting one account and crediting the other account. It is based on the fact that if there is receiver, there should be a giver.
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