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What Are the Double Entry System Characteristics Homework Answers?

by Jul 9, 2017Accounting

Quintessentially, double entry system is the base of accounting principles. There can be no transaction entered in the financial statements without adhering to the system’s characteristics.  You can say the ABC’s of accountancy. Now what we don’t realize is there are innumerable characteristics of double entry system which a student must know.

Based on these principles are the home assignments and homework given. This is why students literally crave for double entry system characteristics homework answers. Now before we move ahead, it is imperative that we understand the basis of these home assignments and how do they benefit.

What is double entry system?

It is that system of book keeping where every transaction is recorded in two (minimum) accounts to balance the statements.

For example, when a machine is purchased in cash for the business. The entry under double entry system would be-

Machine a/c dr.

            To cash a/c

As there is an increase in asset, the machine account is debited. The second account affected is the cash account. We credit cash account as it is an expense and decrease in asset.

There are features of this system. This creates the need for double entry system characteristics homework answers.

Specific aspects of this system:

  • Two effects on every business transaction
  • Dual aspect concept used
  • Preparation of trial balance
  • Every business transaction is effected in two or more than two accounts.
  • Accounting concepts and conventions
  • Preparation of financial statements of a company

There are many such characteristics involved based on which homework assignments are based.

The next question is how you can take help to do your double entry system characteristics homework answers.

Help derived from online sources:

There are a number of ways to go about it. Either go for self-study or coaching classes’ professor or your private tutor. But honestly, in my opinion, online homework service providers have been a lot of help. I mean think about it, you do not have to give extra time to finish your homework.

No need to ransack the library books and reference books for answers. No need to act on whims and fancies of your professors. Online homework help is better in many ways.

The benefits of it are-

  • Prompt submissions-

Whether you have one assignment or many, with online homework help, you can give your submissions on time.

  • Improved ranks-

With submission being sorted, you are able to concentrate more on your other subjects and topics. This means you can dedicate time for your examinations.

  • Better understanding-

When you have detailed answers from experts, understanding of a problem becomes easy. There are a few knacks and catches that the experts show you.

  • Complete recording of transactions-

The entire project is with complete recordation of each and every transaction stated in the assignment.

  • Entire awareness of gross profit and loss as well as net profit and loss-

Be it home assignments on gross profit or loss, or net profit or loss; you have your correct answers for sure.

  • Expertise in assets and liabilities-

The masters at work offline make sure any kind of assignment to do with double entry system is done with precision. They are masters with full knowledge on solving queries on assets and liabilities.

  • Problems on cash basis or accrual basis-

Students find it tough to deal with such transactions based on cash and accrual. The home assignments delivered by experts are dealt with such explanatory notes that it assists in self –study time too.

For example, credit sales of Charles & Co, for the month of January 2016 realized in April 2016; the transaction will be recorded as on January 2016. This is done as it considered when the transaction took place. This is an illustration of accrual basis of accounting.

On the other hand, if Charles & Co. pay salary for the month of January 2016 on April 2016, the entry for the same will be done in April 2016. It becomes cash basis of accounting.

Such is the scope of double entry system characteristics problems.

  • 24 X7 assistance-

Imagine you are stuck in the middle of the night with a problem on double entry. You obviously cannot call up your tutor or professor to help you out. However, what you can do is, ask for assistance online. You get your answers in a jiffy. The morale boosted is much high.

As a parent, I too was concerned with the reliability on the online double entry system characteristics homework answers. How do they work? How do we know they are reliable? Such inhibitions ought to be in our mind.

Working procedure of online services:

Initially, even I was under the pretense that whether to be sure or not. But when had a practical example, it gave a satisfaction of superior nature. The working style is different and reliable too.

  • First, ask your search engine for double entry system characteristics homework answers.
  • It would come up with various sites giving you your desired options.
  • Click on the reliable source. (How do you know if it’s a reliable?
  1. Go for credible sites which end with .edu or .gov.
  2. Secondly, check for the date, it has to be in recent times that are updated.
  3. There is no point in going further with an outdated
  4. Avoid sites cluttered with advertisements)
  • Register yourself.
  • Upload your homework assignment.
  • You get your assignments much before time.

Further, how to online home provider service for Double entry system experts work?

  • No sooner they receive double entry system characteristics homework answers for the same the experts start working on.
  • Once they finish their part of work, it goes for rechecking the matter.
  • 100% accuracy check is done
  • Goes for plagiarism check too
  • It is then rendered to the students.

So you see, after many stages, students get the best matter. So worrying on the credibility of the answers become negligible.

Double entry system characteristics help to detect any kind of frauds. The way the transaction is recorded minimizes the frauds. The recording of transaction is systematic and scientific too. This is why it becomes easy to detect any kind of discrepancy with the help of vouching, auditing, etc.It is on double entry system that comparative studies are done.

Every year the previous year’s performance is compared with that of the actual year.  This aids in discovering any flaws, weaknesses or anything else. Remedial measures are taken thereof. It is a must subject which every commerce student or an MBA student has to learn.