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Why do we need double entry accounting system although we have single entry cash system?

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Question added by Musaddiq Kamal , Financial Accountant , Yves Rocher ( Al- Batool International Trading Company)
Date Posted: 2015/10/28
adnan hashmi
by adnan hashmi , Accountant , Tuxedo Drycleaners

simplest answer for that question is, double entry system provides us the better report & easy to understand.

akhyar akhyar
by akhyar akhyar , SPV. Accounting , PT. Bumi Pangan Utama

we need double entry system eventough we have single entry system because double entry system can be accomodated in making of the financial report, its diffrence with single entry system is limited only recording just in the cash-in and cash-out .

Muhammed Abid
by Muhammed Abid , Customer Service officer cum Teller , Al Baraka Islamic Bank

in accounting system Dr is Cr and Cr is Dr either in cash only Dr debit and Cr is credit

zulfiqar ali
by zulfiqar ali , Manager , FEDERAL Exchange, Benhendi Enterprises LLC

 Double entry accounting provides detailed financial information for tracking financial performance and producing the income statement and net worth statement.

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