in accounting, is a system of
bookkeeping so named because every
entry to an account requires a
corresponding and opposite entry to a
different account.
Difference between single entry
bookkeeping and doube entry
bookkeeping
1. Single entry is an
incomplete system of
recording financial
transactions. Double entry
system is a complete system of
recording and reporting
financial transactions.
Purpose of double bookkeeping entry
The double entry system of accounting or
bookkeeping means that every business
transaction will involve two accounts (or more).