Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter Recording of Transactions - 1. This page offers a step-by-step solution to the specific question from Exercise 1, Question 5: . With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.
Why are some accounting systems called double accounting systems?
Some accounting systems are called double accounting systems because every business transaction has a two-fold effect and that it affects two accounts in opposite directions and if a complete record were to be made of each such transaction, it would be necessary to debit one account and credit another account. It is this recording of the two fold effect of every transaction that has given rise to the term Double Entry System.
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Read MoreWelcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 5: Why are some accounting systems called double accounting systems?....
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