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Problems With Double-Entry Bookkeeping Systems

Author: External Authour | | Categories: Bookkeeper Calgary , Bookkeeping Calgary , Bookkeeping Services

The double-entry bookkeeping system is commonly used in the accounting and business world to help companies keep track of financial transactions and inventory. Double-entry accounting is simply using two entries for every transaction that takes place, so that one account is credited while a corresponding account is debited for the same amount. These types of entries are used in accrual accounting, a form of accounting where transactions are accounted for as they occur. The double-entry system has many advantages, but it also has some problems.

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Original Article Source Credits:   Chron , https://smallbusiness.chron.com/

Article Written By:  Jared Lewis

Original Article Posted on:  NA

Link to Original Article:  https://smallbusiness.chron.com/problems-doubleentry-bookkeeping-systems-38241.html