Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-Many types of useful reports can be produced,which helps management monitor and control the business by making wise decisions based on financial gains and losses
A)advantage
B)disadvantage

Question

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Many types of useful reports can be produced,which helps management monitor and control the business by making wise decisions based on financial gains and losses
A)​advantage
B)disadvantage

Quizplus · Accepted Answer

The double-entry bookkeeping system allows for the production of various useful reports, such as income statements and balance sheets, which are crucial for management to monitor and control the business effectively. This system ensures that every financial transaction is recorded in at least two different accounts, providing a comprehensive view of the financial health of the business and facilitating informed decision-making.

​Identify Whether the Following Description Is an Advantage of the Double-Entry

Identify Whether the Following Description Is an Advantage of the Double-Entry