Double entry accounting system includes
A. Accrual accounting only
B. Cash accounting only
C. Both cash and accrual accounting
D. None of the above
Answer: Option C
Solution(By Examveda Team)
Double entry accounting system includes both cash and accrual accounting. Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts.Related Questions on Accounting
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A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
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A. Current assets
B. Fixed assets
C. Intangible assets
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A. Current assets
B. Fixed assets
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A. Current assets
B. Fixed assets
C. Intangible assets
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