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What does double entry mean?

1) Entry in two sets of books.

2) Entry at two dates. 

3) Entry for two aspects of the transaction.

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Question added by Deleted user
Date Posted: 2016/03/30
FITAH MOHAMED
by FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

3) Entry for two aspects of the transaction. >>>>>>>>>>

Muhammad Ramzan Tufail  ACCA
by Muhammad Ramzan Tufail ACCA , Assistant Finance Manager , Eltizam Asset Management Group

Thanks for Invitation... :P

 

C) Entry for two aspects of transaction. 

HASSAN AHMED
by HASSAN AHMED , Internal Auditor , TIE

The correct answer is C but it's not complete  Double is an accounting system in which every transaction must be recorded in atleast two different accounts,

Albert Galang
by Albert Galang , Accountant , Saudi Health Services Co. Ltd.,

Double entry is a system of recording accountable transactions using a Journal Entry with both Debit and Credit.

Abdul Wahab
by Abdul Wahab , Credit Controller , Takween Advanced Industries

The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts .

 

3) Entry for two aspects of the transaction.

 

Ghada Eweda
by Ghada Eweda , Medical sales hospital representative , Pfizer pharmaceutical Plc.

Based on accountancy expertise,  The correct answer is 

 

3) Entry for two aspects of the transaction.

Maria Shirdel Marantal
by Maria Shirdel Marantal , Accountant , Educon Management Consultancy

3) Entry for two aspects of the transaction.

Mohammed Shahsad
by Mohammed Shahsad , Freelance Travel Consultant , Freelancing

Double entry system means every transaction involves two or more accounts. The sum of debit value will be equal to sum of credit value. And it follows 'The golden rule of accounting' or 'Fundamental Accounting Equation' that is Assets=Equities(Capital)+Liabilities. Transaction are entered in books of accounts by Real, Nominal and personal Accounts.

Abdul Khalique
by Abdul Khalique , Finance Manager , Value Real Estate & Construction

Double Entry means Entry of Two aspects of the transaction i.e. Debit and Credit. So, answer is (3)

Wasim khan wazir
by Wasim khan wazir , Finance Specialist , Mott Macdonald

Every transaction have two aspect one debit while another one is credit......

حسين محمد ياسين
by حسين محمد ياسين , Finance Manager , مؤسسة عبد الماجد محمد العمر للمقاولات العامة

Thanks

Answer 3 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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