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Double entry system of accounting happens to be a common accounting process that includes recording every transaction in nearly a couple of accounts, thus, resulting in a credit to one or more than one account or debit to one or more than one account. For preparing an assignment, students are required to spend the major portion of their time, but unfortunately, they lack this time. But, intelligent students who are aware of the significance of getting impressive grades always hunt for the skilled expertise of the writers of BookMyEssay for getting Double Entry System of Accounting assignment help from us.

What is Meant by the Double Entry System of Accounting?

Double entry bookkeeping was formed in Europe during the mercantile era for helping in rationalizing commercial transactions plus turn trade highly efficient. This system also helped bankers and merchants to have a good understanding of their profits and costs. A few thinkers do argue that double entry accounting happened to a key calculative method which was liable for the evolvement of capitalism.

The basic of the double entry accounting is the accounting equation and it is a brief illustration of an idea that stretches into the expanded, complex, and multi-item exhibition of the balance sheet. This sheet is grounded on the double entry system of accounting where a company’s total assets happen to be identical to the total of shareholder and liabilities equity.

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Basically, the representation associates all the utilizations of capital to every source of capital. For a company to keep appropriate accounts, it represents every business transaction in nearly two accounts. For instance, when a business does take a loan from some kind of financial entity, such as a bank, then the borrowed money does raise the assets of the company and here, the loan liability escalates through an equivalent amount.

When the business purchases raw material through paying cash, then it will result in an upsurge in the asset or inventory while lessening cash capital. As there are a couple of or more than two accounts that are influenced by every transaction which is carried forward by a company, the accounting system gets known as double entry system of accounting.

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The Need for Accounting to a Double Entry System

One of the benefits of double entry for accounting is any transaction has got two opposite and equal influences on business finances. For instance, when a company purchases a machine for manufacturing a product it sells, then the buying of the machine lessens the amount of money that the company has while augmenting the company’s assets’ value. So, for the transaction’s recording, a debit is required.

With all the transactions that are recorded both as a credit or a debit in the general ledger, the totals of both must balance each other. When there is the presence of a value difference between credits and debits, then it symbolizes an error on the recording part. When you require to list two benefits of double entry accounting, then you must mention the following:

  • With the convenience of double entry accounting, people get an overall record of a business’s financial transactions.
  • The double entry accounting also aids in guaranteeing precise financial records as it reveals data entry.

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The Type of Accounts

At a time when you use double entry accounting, you will require using many kinds of accounts like:

  • With the help of asset accounts, you can get dollars linked with things that a business owns.
  • Income accounts signify money received, like interest income and sales revenue.
  • Liability accounts display what the firm possesses, such as credit card balances, building mortgage, or equipment loan.

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