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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.

This Question Belongs to Commerce >> Accounting

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