TAILIEUCHUNG - ACCOUNTING MANUAL ON DOUBLE ENTRY SYSTEM OF ACCOUNTING FOR ICFRE

However, the survey showed a divide between how financial professionals in the east and west spend their working hours. In the east, accounting operations take up the greatest portion of their time (25%), while in the west the balance shifts to management accounting as their biggest role (24%), on average. Time spent for management support is similar between the two groups (17% and 20%), although the accountants in the west report a greater focus here as part of their portfolio of roles. Also interestingly, respondents in the east spend nearly half again as much time on external reporting duties (15%). | ACCOUNTING MANUAL ON DOUBLE ENTRY SYSTEM OF ACCOUNTING FOR ICFRE 1 CONTENTS A Bookkeeping 1 About Single Entry System and its disadvantages 2 About Bookkeeping and Accounting Process 3 About Double Accounting System and its advantages. 4 Classification of Accounts 5 Golden Rule of Debit and Credit 6 Abbreviations used in Accounts 7 Understanding Debits and Credits 8 Understanding Cash Book Journal General Ledger Trial Balance Income Expenditure Account and Balance Sheet. 9 Double Entry Working Examples 10 Notes and References B Main Manual 1 Books Documents to be maintained 2 Procedures to be followed to Convert the Single Entry System to Double Entry System 3 Notes and Suggestions 4 Performa of Debit Credit note 5 Illustration for working 2 1. Single Entry Accounting System Single entry system of book keeping may be described as a loose and defective way of recording transactions wherein some transactions are recorded in their two fold aspect some are recorded in so far as they effect one aspect only and few other are completely omitted to be recorded. Thus it can be seen that there is no system or method about single entry. Under this system a cash book and other ledger are maintained. Disadvantages of Single Entry System. 0 Since every debit does not have a corresponding credit a Trial Balance can not be extracted to test the arithmetical accuracy of the entries. 0 In absence of proper records of any assets and of any allowances for depreciation or other losses of value it is not possible to prepare a Balance Sheet. 0 It is too easy to perpetrate the errors and frauds and too difficult to detect them. 2. The book Keeping and Accounting Process In accountancy the Double Entry Bookkeeping or double entry accounting is the basis of the standard system used by businesses and other organizations to record financial transactions. The system is called double entry because each transaction is recorded in at least two accounts. Each transaction results in at least one .

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