Pros and Cons of the Double Entry Accounting Essay

Pros and Cons of the Double Entry System
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Pros and Cons of the Double Entry System
The double entry system dates back to Venice, 1494. Based on the name, the double entry system means that, there is entering of every transaction twice in the books of a business. In fact, it is an evolution of the single entry approach of book keeping, whilst the single system, initially was adequate, the approach had many shortcomings as the business grows. Because of the many drawbacks, the double entry method emerged and it proved to overcome most of the drawbacks. Italian traders first implemented the modern approach of double entry book keeping during the period when Venice was Europe&...