Archive | Accounting

The features of double entry system are as follows:

The double entry system was first evolved by Luca Pacioli, who was a Fransiscan Monk of Italy. With the passage of time, the system has gone through lot of development stages.

This system ignores the two fold aspect of each transaction as considered in double entry system. Under single entry system, merely personal aspects of transaction i.e. personal accounts are recorded.

The importance of Book-keeping are as follows:

Objects of book-keeping may be stated as follows:

Book Keeping is an activity concerned with the recording of financial data relating to business operations in an orderly manner.