BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Accounting entries involve a minimum of how many accounts? Because of the double-entry system, every transaction will affect at least two accounts.

Detailed explanation-2: -There are six types of journal entries, or seven if you count the archaic, vague and seldom-used single entry. The single journal entry is not used in standard accounting, which is double-entry based. It is more suited to checkbook balancing than to business accounting, which involves many accounts.

Detailed explanation-3: -An accounting entry is a formal record that documents a transaction. In most cases, an accounting entry is made using the double entry bookkeeping system, which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements.

Detailed explanation-4: -There are generally six types of journal entries namely, opening entries, transfer entries, closing entries, compound entries, adjusting entries, reversing entries, and each represent a specific purpose for which such entries are made.

Detailed explanation-5: -Simple entries are those entries in which only two accounts are affected, one account is related to debit and another account is related to credit.