Notes on lesson on Double-Entry Book-Keeping System | kullabs.com

Double-Entry Book-Keeping System

Notes

Basic Terminologies

There are various terms used in accounting such as capital, cash, bank, cheque, debtors, creditors, bills payable, bills receivable, etc. This note has information about the various basic terminology of accounting.

Double-Entry Book-Keeping System

Double entry system refers to such accounting system under which every financial transaction is recorded into two separate account with equal amount to determine the true profit or loss and financial position of the business. This note provides the introduction, features and importance of double entry system as well as short explanation of accounting process.