The double entry system of bookkeeping is used because it is cheap, but it does not have any significant internal control functions.

Question

Quizplus · Accepted Answer

The double entry system of bookkeeping is used not only because it is cheap, but also because it provides a significant internal control function by ensuring that every transaction has equal and opposite effects on at least two different accounts in the system. This helps to prevent errors and detect fraud.

The Double Entry System of Bookkeeping Is Used Because It