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The modern system of recording business transactions in the books of accounts is known as:
Modern system
Single entry system
American system
Double entry system
Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit. In a normally debited account, such as an asset account or an expense account, a debit increases the total quantity of money or financial value, and a credit decreases the amount or value.
By: DATTA DINKAR CHAVAN ProfileResourcesReport error
DHEERAJ BAIRWA
Why not option c is correct
Because option c talks about an approach while American approach is also as per double entry book keeping
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