"Like most good ideas, the idea behind the double entry method is very simple. Describe the double entry method identify its advantages, and explain why the methods has survived so long"

Double entry is an accounting methodology used to make sure that all accounts are properly balanced. This is a rather simplistic description of this system of bookkeeping. Accounting and Bookkeeping is the process of identifying, measuring, recording and communicating economic information about an organization. Bookkeeping encompasses the record-keeping aspect of accounting and therefore provides much of the data to which accounting principles are applied in the preparation of financial statements and other financial information. In this essay I will describe the double entry method, identify the advantages and why this method ha

Step five, Once the adjustment are calculated, the accountant prepare

Double entry has many advantages over the single system. First of all, There is more control in the system, as there are more opportunities to discover if the system is in balance and to take action if it is not. On the other hand, in single entry there is a lack of control in the system, since it is not possible to know if the statement of assets and liabilities will balance until the reports are complete.

The double entry accounting system provides a basic framework for the analysis of business activities. I am going to go further detail about the accounting procedures used to account for the operations of a business during a specific period. The transaction is analysed and processed in five steps. (See Appendix 1) These steps in the accounting cycle enable the accountant to combine and summarise the net results of many business activities into relatively concise financial reports.

Step one, The transactions are analysed from source documents. Source documents are printed or written forms that generated when the firm engage in business transactions.

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Approximate Word count = 838
Approximate Pages = 3 (250 words per page double spaced)