Double-Entry Bookkeeping Systems Assignment Example | Topics and Well Written Essays - 250 words

Double-Entry Bookkeeping Systems - Assignment ExampleBoth the debit and the accredit sides were introduced in order to ensure that errors were not committed and this would further be proofed when the debit and the credit sides would match at the end of the specified score period. In case the debit and the credit sides do not match at the end of the accounting period, there is a severe possibility that an error has been committed. The entries are recorded within triad broad classifications Assets, Liabilities and Equity/Capital. Hence the equation isThough the double entry system has been created to avoid errors and misstatements, there are several ways through which errors are committed although the double entries are made correctly. Those errors pre-dominantly include these factorsThe book keeping system, nowadays, is usually carried out through sophisticated computer accounting softwares. These softwares require let training for their operation and hence it makes it difficult for an amateur to properly understand the double entry book keeping system using such accounting softwares (Mason,