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.
-Better use is made of resources and time;cash flow should improve through better debt collection and inventory control
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.
-​Better use is made of resources and time;cash flow should improve through better debt collection and inventory control
A)​advantage
B)disadvantage

Quizplus · Accepted Answer

The double-entry bookkeeping system allows for more comprehensive tracking of transactions, which can lead to better resource and time management, improved cash flow, and more effective debt collection and inventory control. This is because each transaction is recorded in at least two accounts, providing a more detailed and accurate financial picture.

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

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